Transcribed Image Text
In: AccountingHalogen Laminated Products Company began business on January 1,2018. During January, the following transactionsoccurred:...Halogen Laminated Products Company began business on January 1,2018. During January, the following transactionsoccurred:Jan.1Issued common stock in exchange for $113,000 cash.2Purchased inventory on account for $32,000 (the perpetualinventory system is used).4Paid an insurance company $2,040 for a one-year insurancepolicy.10Sold merchandise on account for $11,700. The cost of themerchandise was $6,700.15Borrowed $27,000 from a local bank and signed a note. Principaland interest at 10% is to be repaid in six months.20Paid employees $5,700 salaries and wages for the first half ofthe month.22Sold merchandise for $9,700 cash. The cost of the merchandisewas $5,700.24Paid $14,700 to suppliers for the merchandise purchased onJanuary 2.26Collected $5,850 on account from customers.28Paid $1,100 to the local utility company for January gas andelectricity.30Paid $3,700 rent for the building. $1,850 was for January rent,and $1,850 for February rent.Required:1. Prepare general journal entries to record eachtransaction.2. Post the transactions into the appropriateT-accounts.3. Prepare an unadjusted trial balance as ofJanuary 30, 2018.