Halogen Laminated Products Company began business on January 1, 2018. During January, the following transactions occurred: Jan. 1 Issued common...

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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 exchangefor $108,000 cash.
2 Purchased inventory on accountfor $43,000 (the perpetual inventory system is used).
4 Paid an insurance company $3,360for a one-year insurance policy.
10 Sold merchandise on account for$12,800. The cost of the merchandise was $7,800.
15 Borrowed $38,000 from a localbank and signed a note. Principal and interest at 10% is to berepaid in six months.
20 Paid employees $6,800 salariesand wages for the first half of the month.
22 Sold merchandise for $10,800cash. The cost of the merchandise was $6,800.
24 Paid $15,800 to suppliers forthe merchandise purchased on January 2.
26 Collected $6,400 on account fromcustomers.
28 Paid $1,200 to the local utilitycompany for January gas and electricity.
30 Paid $4,800 rent for thebuilding. $2,400 was for January rent, and $2,400 for Februaryrent.

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 Date Account Titles and Explanation Debit Credit Jan 1 Cash 108000 Common stock 108000 Common stock issued for cash 2 Inventory 43000 Accounts payable 43000 Inventory purchased on account 4 Prepaid insurance 3360 Cash 3360 Oneyear insurance paid 10 Accounts receivable 12800 Sales revenue 12800 Sales on account Cost of goods sold 7800 Inventory 7800 Cost of merchandise sold 15 Cash See Answer

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Jan.	1	Issued common stock in exchangefor $108,000 cash.
	2	Purchased inventory on accountfor $43,000 (the perpetual inventory system is used).
	4	Paid an insurance company $3,360for a one-year insurance policy.
	10	Sold merchandise on account for$12,800. The cost of the merchandise was $7,800.
	15	Borrowed $38,000 from a localbank and signed a note. Principal and interest at 10% is to berepaid in six months.
	20	Paid employees $6,800 salariesand wages for the first half of the month.
	22	Sold merchandise for $10,800cash. The cost of the merchandise was $6,800.
	24	Paid $15,800 to suppliers forthe merchandise purchased on January 2.
	26	Collected $6,400 on account fromcustomers.
	28	Paid $1,200 to the local utilitycompany for January gas and electricity.
	30	Paid $4,800 rent for thebuilding. $2,400 was for January rent, and $2,400 for Februaryrent.