January 1 Issued common stock in exchange for

$101,000

cash.\ January 2 Purchased inventory on account for

$36,000

(the perpetual inventory system is used).\ January 4 Paid an insurance company

$2,520

for a one-year insurance policy. Prepaid insurance was debited for the\ January 10 Sold inventory on account for

$12,100

. The cost of the inventory was

$7,100

.\ January 15 Borrowed

$31,000

from a local bank and signed a note. Principal and interest at

10%

is to be repaid in six\ January 20 Paid employees

$6,100

salaries for the first half of the month.\ January 22 Sold inventory for

$10,100

cash. The cost of the inventory was

$6,100

.\ January 24 Paid

$15,100

to suppliers for the inventory purchased on January 2 .\ January 26 Collected

$6,050

on account from customers.\ January 28 Paid

$1,100

to the local utility company for January gas and electricity.\ January 30 Paid

$4,100

rent for the building.

$2,050

was for January rent, and

$2,050

for February rent. Prepaid rent and rent expense were debited for their appropriate amounts.\ Required:\ Prepare general journal entries to record each transaction.\ Post the transactions to the appropriate T-accounts.\ Prepare an unadjusted trial balance as of January.

30,2024

.