The Tazmanian Hat Company began business in July 2013. During July, the following transactions occurred:

Jul. 1 Issued common stock in exchange for $1,000,000 cash.

2 Purchased inventory on account for $80,000 (the perpetual inventory system is used).

4 Paid the companys landlord $10,000 for rent for the upcoming year.

10 Sold merchandise on account for $120,000. The cost of the merchandise was $75,000.

15 Borrowed $ 50,000 from a local bank and signed a note. Principal and interest at 10% is to be repaid in one year.

20 Paid employees $15,000 wages for the first half of the month.

24 Paid $50,000 to suppliers for the merchandise purchased on July 2.

26 Collected $60,000 on account from customers.

28 Paid various utility bills of $1,500 for the month of July.

31 Paid $8,000 in insurance for the period August 1, 2013 to October 1, 2014.

Required:

1. Prepare general journal entries to record each transaction. Omit explanations.

2. Post the entries to T-accounts.

3. Prepare an unadjusted trial balance as of July 31, 2013.