AC CT 120A Study Guide /Bonus Points Complete each problem to study for the exam and earn 2.5 bonus points per problem completed to be added to your test score: Due at the beginning of class on February 25, 2019 for credit. Submit paper copies not electronically P 2-1 Accounting cycle through unadjusted trial balance Halogen Laminated Products Company began business on January 1, 2018. During January, the following transactions occurred: Issued common stock in exchange for $100,000 cash 2 Purchased inventory on account for $35,000 (the perpetual inventory system is used). 4 Paid an insurance company $2,400 for a one-year insurance policy 10 Sold merchandise on account for S12,000. The cost of the merchandise was $7,000. Jan. cal bank and signed a note. Principal d interest at 10% 15 20 22 24 26 28 is to be repaid in six months. Paid employees $6,000 salaries and wages for the first half of the month. Sold merchandise for $10,000 cash. The cost of the merchandise was $6,000 Paid S15,000 to suppliers for the merchandise purchased on January 2. Collected $6,000 on account from customers. Paid $1,000 to the local utility company for January gas and electricity Paid $4,000 rent for the building. $2,000 was for January rent, and $2,000 for 30 February rent Required Prepare general journal entries to record each transaction. Omit explanations 1. AC CT 120A Study Guide /Bonus Points Complete each problem to study for the exam and earn 2.5 bonus points per problem completed to be added to your test score: Due at the beginning of class on February 25, 2019 for credit. Submit paper copies not electronically P 2-1 Accounting cycle through unadjusted trial balance Halogen Laminated Products Company began business on January 1, 2018. During January, the following transactions occurred: Issued common stock in exchange for $100,000 cash 2 Purchased inventory on account for $35,000 (the perpetual inventory system is used). 4 Paid an insurance company $2,400 for a one-year insurance policy 10 Sold merchandise on account for S12,000. The cost of the merchandise was $7,000. Jan. cal bank and signed a note. Principal d interest at 10% 15 20 22 24 26 28 is to be repaid in six months. Paid employees $6,000 salaries and wages for the first half of the month. Sold merchandise for $10,000 cash. The cost of the merchandise was $6,000 Paid S15,000 to suppliers for the merchandise purchased on January 2. Collected $6,000 on account from customers. Paid $1,000 to the local utility company for January gas and electricity Paid $4,000 rent for the building. $2,000 was for January rent, and $2,000 for 30 February rent Required Prepare general journal entries to record each transaction. Omit explanations 1