Question: please answer all the questions Problem 2-1 Accounting cycle through unadjusted trial balance [LO2-2, 2-3] Halogen Laminated Products Company began business on January 1, 2013.
Problem 2-1 Accounting cycle through unadjusted trial balance [LO2-2, 2-3] Halogen Laminated Products Company began business on January 1, 2013. During January, the following transactions occurred Jan. 1 Issued common stock in exchange for $107,000 cash 2 Purchased inventory on account for $42,000 (the perpetual inventory system is used) 4 Paid an insurance company $3,240 for a one-year insurance policy 10 Sold merchandise on account for $12,700. The cost of the merchandise was $7,700 15 Borrowed $37,000 from a local bank and signed a note. Principal and interest at 10% is to be repaid in six months 20 Paid employees $6,700 wages for the first half of the month 22 Sold merchandise for $10,700 cash. The cost of the merchandise was $6,700 24 Paid $15.700 to suppliers for the merchandise purchased on January 2 26 Collected $6,350 on account from customers. 28 Paid $1.100 to the local utility company for January gas and electricity 30 Paid $4.700 rent for the building $2,350 was for January rent, and $2.350 for February rent Required: 1. Prepare general journal entries to record each transaction. (If no entry is required for a particular transaction, select No journal entry required" in the first account field.) View transaction list View journal entry worksheet No Date General Journal Debit Credit jan 1 Cash Common stock
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