70.2K

Verified Solution

Link Copied!

Halogen Laminated Products Company began business on January 1, 2021. During January, the following transactions occurred: Jan. 1 Issued common stock in exchange for $118,000 cash. 2 Purchased Inventory on account for $27,000 (the perpetual inventory system is used). 4 Paid an insurance company $1,440 for a one-year insurance policy. Prepaid insurance was debited for the entire amount. 10 Sold merchandise on account for $11,200. The cost of the merchandise was $6,200. 15 Borrowed $22,000 from a local bank and signed a note. Principal and interest at 109 1. to be repaid in six months. 20 Paid employees $5,200 salaries for the first half of the month. 22 Sold merchandise for $9,200 cash. The cost of the merchandise was $5,200. 24 Paid $14,200 to suppliers for the merchandise purchased on January 2. 26 Collected $5,600 on account from customers. 28 Paid $1,000 to the local utility company for January gas and electricity 30 Paid $3,200 rent for the building. $1,600 was for January rent, and $1,600 for February rent. Prepaid rent and rent expense vere debited for their appropriate amounta. Required: 1. Prepare general journal entries to record each transaction. 2. Post the transactions into the appropriate T-accounts. 3. Prepare an unadjusted trial balance as of January 30, 2021 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Post the transactions into the appropriate T-accounts. (Enter the date of the transaction in the column next to the amount.) Accounts Recevable Cash Beg, bal Beg bal 11 End, bal End, bal Inventory Prepaid Insurance Beg bal Beg, bal End, bal End, bal Prepaid Rent Accounts Payable Beg, bal Beg bal Beg, bal Beg. bal. End, bal End, bal Notes Payable Common Stock Beg. bal. Beg bal. End bal End, bal Sales Revenue Cost of Goods Sold Beg. bal Beg bal End, bal End, bal Salaries Expenso Rent Expense Beg, bal. Beg bal. End, bal. End, bal Utilities Expense Beg. bal. End, bal 4 Jan. 1 Issued common stock in exchange for $118,000 cash. 2 Purchased inventory on account for $27,000 (the perpetual inventory system is used). Paid an insurance company $1,440 for a one-year insurance policy. Prepaid insurance vas debited for the entire amount. 10 Sold merchandise on account for $11,200. The cost of the merchandise was $6,200. 15 Borrowed $22,000 from a local bank and signed a note. Principal and interest at 101 1s to be repaid in six months. 20 Paid employees $5,200 salaries for the first half of the month. 22 Sold merchandise for $9,200 cash. The cost of the merchandise was $5,200. 24 Paid $14,200 to suppliers for the merchandise purchased on January 2. 26 Collected $5,600 on account from customers. 29 Paid $1,000 to the local utility company for January gas and electricity. 30 Paid $3,200 rent for the building. $1,600 was for January rent, and $1,600 for February rent. Prepaid rent and rent expense vere debited for their appropriate amounts. Required: 1. Prepare general journal entries to record each transaction 2. Post the transactions into the appropriate T-accounts. 3. Prepare an unadjusted trial balance as of January 30, 2021. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare an unadjusted trial balance as of January 30, 2021. HALOGEN LAMINATED PRODUCTS COMPANY Unadjusted Trial Balance January 30, 2021 Debits Credits Account Title Totals $ 0 $ 0

Answer & Explanation Solved by verified expert

See Answer