Question

us.org/d2/Ims/dropbox/user/folder submit files.d212db-60213948grpid-08isprv 08bp 08ou 7653198 Accounting Cycles Helpful references from your text: -1 Accounting cycles through unadjusted trial balance . LO2-2, LO-3 Scenario Halogen Laminated Products Company began business on January 1. 2018. During January, the following transactions occurred (dates shown): . 1 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 $12.000. The cost of the merchandise was $7,000 . 15 Borrowed $30,000 from a local bank and signed a note, Pri an interest at 10% is to be repaid in six months

Answer 1

Date Account DebitCredit Cash Common stock Sales Revenue unadjusted trall balance Debit 1/1 Cash 10,000 redit debit credit credit credit Common stock 10,000 1/1 100,000 30,000 10,000 100,000 1/10 1/22 12,000 10,000 22,000 117,600 35,000 1/4 1/15 1/20 1/22 1/21 2,400 Arcount 35,000 100,000 uility cxpensc Common stock Account Payable prepaid insurance account reccivable sales revenue COGS Notes payable Salary expense Prepaid Rent 1,000 1/4 Prepaid insurance 4UU 6,000 Accounts Payable COGS 100,d00 20,000 Cash ,400 1/10 Account receivable 12,000 1/2 1/10 7,DDD 1/22 6,000 13,D00 15,000 2,100 6,000 Sales Revenue 12,000 1/24 15,000 7,000 22,000 Inventor 7,000 1/30 Prepaid Insurance Notcs Payablc 13,000 30,000 debitcredit debit credit BU 0CO Notes payable 0,000 117,600 1/4 2,400 1/15 30,000 30,000 6,000 b,UUU 2,400 Account receivable 1/22 Cash 10,000 alary cxpcnsc 172,000 172,000 Sales Revenue 10,000 1/1 35,00D credit 1/2 COGS 7,000 6,000 1/20 6,000 6,DDD 6,000 1/24 Accont payable 15,000 6,000 1,UUU 6,000 1/10 12,Cc0 22,000 6,000 Prepaid rent 15,000 utility expense credit 1/30 4,000 ,DD0 credit Account reccivablc 6,000 1,0DD 1/28 utility expense 1,000 1/30 prepaid rent Cash 4,UUU 4,000