Halogen Laminated Products Company began business on January 1,2018. During January, the following transactions occurred: Jan. 1Issued common stock in exchange for $118,000 cash. 2 Purchasedinventory on account for $27,000 (the perpetual inventory system isused). 4 Paid an insurance company $1,440 for a one-year insurancepolicy. 10 Sold merchandise on account for $11,200. The cost of themerchandise was $6,200. 15 Borrowed $22,000 from a local bank andsigned a note. Principal and interest at 10% is to be repaid in sixmonths. 20 Paid employees $5,200 salaries and wages for the firsthalf of the month. 22 Sold merchandise for $9,200 cash. The cost ofthe merchandise was $5,200. 24 Paid $14,200 to suppliers for themerchandise purchased on January 2. 26 Collected $5,600 on accountfrom customers. 28 Paid $1,000 to the local utility company forJanuary gas and electricity. 30 Paid $3,200 rent for the building.$1,600 was for January rent, and $1,600 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 of January30, 2018.
