Halogen Laminated Products Company began business on January 1,2018. During January, the following transactionsoccurred:...Halogen...

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Accounting

Halogen Laminated Products Company began business on January 1,2018. During January, the following transactionsoccurred:
Jan. 1 Issued common stock in exchange for $113,000 cash.
2 Purchased inventory on account for $32,000 (the perpetualinventory system is used).
4 Paid an insurance company $2,040 for a one-year insurancepolicy.
10 Sold merchandise on account for $11,700. The cost of themerchandise was $6,700.
15 Borrowed $27,000 from a local bank and signed a note. Principaland interest at 10% is to be repaid in six months.
20 Paid employees $5,700 salaries and wages for the first half ofthe month.
22 Sold merchandise for $9,700 cash. The cost of the merchandisewas $5,700.
24 Paid $14,700 to suppliers for the merchandise purchased onJanuary 2.
26 Collected $5,850 on account from customers.
28 Paid $1,100 to the local utility company for January gas andelectricity.
30 Paid $3,700 rent for the building. $1,850 was for January rent,and $1,850 for February rent.

Required:
1. Prepare general journal entries to record eachtransaction.
2. Post the transactions into the appropriateT-accounts.
3. Prepare an unadjusted trial balance as ofJanuary 30, 2018.

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1 Halogen Laminated Products Company Journal Entries for the month January2018 Date Accounts title Debit Credit January 1 Cash 113000 Common Stock 113000 January 2 Inventory 32000 Accounts Payable 32000 January 4 Prepaid Insurance 2040 Cash 2040 January 10 Accounts Receivable 11700 Sales 11700 Cost of Goods Sold 6700 Inventory 6700 January 15 Cash 27000 Notes Payable 27000 January 20 Salaries Wages Expenses 5700 Cash 5700 January 22 Cash 9700 Sales 9700 Cost of Goods Sold 5700 Inventory 5700 January 24 Accounts Payable 14700 Cash 14700 January 26 See Answer

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In: AccountingHalogen Laminated Products Company began business on January 1,2018. During January, the following transactionsoccurred:...Halogen Laminated Products Company began business on January 1,2018. During January, the following transactionsoccurred:Jan.1Issued common stock in exchange for $113,000 cash.2Purchased inventory on account for $32,000 (the perpetualinventory system is used).4Paid an insurance company $2,040 for a one-year insurancepolicy.10Sold merchandise on account for $11,700. The cost of themerchandise was $6,700.15Borrowed $27,000 from a local bank and signed a note. Principaland interest at 10% is to be repaid in six months.20Paid employees $5,700 salaries and wages for the first half ofthe month.22Sold merchandise for $9,700 cash. The cost of the merchandisewas $5,700.24Paid $14,700 to suppliers for the merchandise purchased onJanuary 2.26Collected $5,850 on account from customers.28Paid $1,100 to the local utility company for January gas andelectricity.30Paid $3,700 rent for the building. $1,850 was for January rent,and $1,850 for February rent.Required:1. Prepare general journal entries to record eachtransaction.2. Post the transactions into the appropriateT-accounts.3. Prepare an unadjusted trial balance as ofJanuary 30, 2018.

Jan.	1	Issued common stock in exchange for $113,000 cash.
	2	Purchased inventory on account for $32,000 (the perpetualinventory system is used).
	4	Paid an insurance company $2,040 for a one-year insurancepolicy.
	10	Sold merchandise on account for $11,700. The cost of themerchandise was $6,700.
	15	Borrowed $27,000 from a local bank and signed a note. Principaland interest at 10% is to be repaid in six months.
	20	Paid employees $5,700 salaries and wages for the first half ofthe month.
	22	Sold merchandise for $9,700 cash. The cost of the merchandisewas $5,700.
	24	Paid $14,700 to suppliers for the merchandise purchased onJanuary 2.
	26	Collected $5,850 on account from customers.
	28	Paid $1,100 to the local utility company for January gas andelectricity.
	30	Paid $3,700 rent for the building. $1,850 was for January rent,and $1,850 for February rent.