Updat lternative Problems PROBLEMS The Tazmanian Hat Company began business in July 2013. During July, the following transactions occurred: Jul. Issued common stock in exchange for $1,000,000 cash. Purbhased inventory on account for $80,000 (che perpetual inventory system is used). Paid the company's landlord $10,000 for rent for the upcoming year Sold merchandise on account for $120,000. The cost of the merchandise was $75,000. Borrowed $ 50,000 from a local bank and signed a note. Principal and interest at 10% is to be repaid in one year. Paid employees $15,000 wages for the first half of the month. Paid $50,000 to suppliers for the merchandise purchased on July 2. Collected $60,000 on account from customers. Paid various utility bills of $1,500 for the month of July. Paid $8,000 in insurance for the period August 1, 2013 to October 1, 2014. 1 2 4 10 15 20 24 26 28 31 Required: . 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. F4 FS F6 F7 FB F9 F10