Help

Save & Exit

Submit

Halogen Laminated Products Company began business on January $1,2024.$ During January, the following transactions occurred:

$25$

January $1$ Issued common stock in exchange for $$113,000$ cash.

points

January $2$ Purchased inventory on account for $$32,000($the perpetual inventory system is used$).$

January $4$ Paid an insurance company $$2,040$ for a one$-$year insurance policy. Prepaid insurance was debited for the entire amount.

January $10$ Sold inventory on account for $$11,700.$ The cost of the inventory was $$6,700.$

January $15$ Borrowed $$27,000$ from a local bank and signed a note. Principal and interest at $10\%$ is to be repaid in six months.

eBook

January $20$ Paid employees $$5,700$ salaries for the first half of the month.

January $22$ Sold inventory for $$9,700$ cash. The cost of the inventory was $$5,700.$

Print

January $24$ Paid $$14,700$ to suppliers for the inventory purchased on January $2.$

January $26$ Collected $$5,850$ on account from customers.

References

January $28$ Paid $$1,100$ to the local utility company for January gas and electricity.

January $30$ Paid $$3,700$ rent for the building. $$1,850$ was for January rent, and $$1,850$ 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 $30,2024.$