Journal Entries | |||||
Date | Particulars | Debit | Credit | ||
1-Jan | Cash | $ 105,000.00 | |||
To Common Stock | $ 105,000.00 | ||||
2-Jan | Inventory | $ 40,000.00 | |||
To Accounts Payable | $ 40,000.00 | ||||
4-Jan | Prepaid Insurance | $ 3,000.00 | |||
To Cash | $ 3,000.00 | ||||
10-Jan | Accounts Receivable | $ 12,500.00 | |||
To Sales | $ 12,500.00 | ||||
Cost of Goods Sold | $ 7,500.00 | ||||
To Inventory | $ 7,500.00 | ||||
15-Jan | Cash | $ 35,000.00 | |||
To Notes Payable | $ 35,000.00 | ||||
20-Jan | Salaries and Wages Expense | $ 6,500.00 | |||
To Cash | $ 6,500.00 | ||||
22-Jan | Cash | $ 10,500.00 | |||
To Sales | $ 10,500.00 | ||||
Cost of Goods Sold | $ 6,500.00 | ||||
To Inventory | $ 6,500.00 | ||||
24-Jan | Accounts Payable | $ 15,500.00 | |||
To Cash | $ 15,500.00 | ||||
26-Jan | Cash | $ 6,250.00 | |||
To Accounts Receivable | $ 6,250.00 | ||||
28-Jan | Utilities Expense | $ 1,200.00 | |||
To Cash | $ 1,200.00 | ||||
30-Jan | Rent Expense | $ 2,250.00 | |||
Prepaid Rent | $ 2,250.00 | ||||
To Cash | $ 4,500.00 |
Cash | Common Stock | Inventory | Accounts Payable | |||||||||||||||
1-Jan | $ 105,000.00 | 4-Jan | $ 3,000.00 | End. Bal | $ 105,000.00 | 1-Jan | $ 105,000.00 | 2-Jan | $ 40,000.00 | 10-Jan | $ 7,500.00 | 24-Jan | $ 15,500.00 | 2-Jan | $ 40,000.00 | |||
15-Jan | $ 35,000.00 | 20-Jan | $ 6,500.00 | 22-Jan | $ 6,500.00 | End. Bal | $ 24,500.00 | |||||||||||
22-Jan | $ 10,500.00 | 24-Jan | $ 15,500.00 | End. Bal | $ 26,000.00 | |||||||||||||
26-Jan | $ 6,250.00 | 28-Jan | $ 1,200.00 | |||||||||||||||
30-Jan | $ 4,500.00 | |||||||||||||||||
End. Bal | $ 126,050.00 | |||||||||||||||||
Prepaid Insurance | Accounts Receivable | Cost of Goods sold | Notes Payable | |||||||||||||||
4-Jan | $ 3,000.00 | End. Bal. | $ 3,000.00 | 10-Jan | $ 12,500.00 | 26-Jan | $ 6,250.00 | 10-Jan | $ 7,500.00 | End. Bal | $ 14,000.00 | End. Bal | $ 35,000.00 | 15-Jan | $ 35,000.00 | |||
End. Bal | $ 6,250.00 | 22-Jan | $ 6,500.00 | |||||||||||||||
Salaries and Wages Expense | Sales | Utilities Expense | Rent Expense | |||||||||||||||
20-Jan | $ 6,500.00 | End. Bal | $ 6,500.00 | End. Bal | $ 23,000.00 | 10-Jan | $ 12,500.00 | 28-Jan | $ 1,200.00 | End. Bal | $ 1,200.00 | 30-Jan | $ 2,250.00 | End. Bal | $ 2,250.00 | |||
22-Jan | $ 10,500.00 | |||||||||||||||||
Prepaid Rent | ||||||||||||||||||
30-Jan | $ 2,250.00 | End. Bal | $ 2,250.00 |
Unadjusted Trial Balance | ||||
Particulars | Debit | Credit | ||
Cash | $ 126,050.00 | |||
Accounts Receivable | $ 6,250.00 | |||
Inventory | $ 26,000.00 | |||
Prepaid Insurance | $ 3,000.00 | |||
Prepaid Rent | $ 2,250.00 | |||
Accounts Payable | $ 24,500.00 | |||
Notes Payable | $ 35,000.00 | |||
Common Stock | $ 105,000.00 | |||
Sales | $ 23,000.00 | |||
Cost of Goods sold | $ 14,000.00 | |||
Salaries and Wages Expense | $ 6,500.00 | |||
Utilities Expense | $ 1,200.00 | |||
Rent Expense | $ 2,250.00 | |||
$ 187,500.00 | $ 187,500.00 |
Halogen Laminated Products Company began business on January 1, 2021. During January, the following transactions occurred:...
Halogen Laminated Products Company began business on January 1, 2021. During January, the following transactions occurred: Jan. 1 Issued common stock in exchange for $115,000 cash. 2 Purchased inventory on account for $30,000 (the perpetual inventory system is used). Paid an insurance company $1,800 for a one-year insurance policy. Prepaid insurance was debited for the entire amount. 10 Sold merchandise on account for $11,500. The cost of the merchandise was $6,500. 15 Borrowed $25,000 from a local bank and signed a note. Principal and interest...
Halogen Laminated Products Company began business on January 1, 2021. During January, the following transactions occurred: Jan. 1 Issued common stock in exchange for $104,000 cash. 2 Purchased inventory on account for $39,000 (the perpetual inventory system is used). 4 Paid an insurance company $2,880 for a one-year insurance policy. Prepaid insurance was debited for the entire amount. 10 Sold merchandise on account for $12,400. The cost of the merchandise was $7,400. 15 Borrowed $34,000 from a local bank and...
Halogen Laminated Products Company began business on January 1, 2021. During January, the following transactions occurred: Jan. 1 Issued common stock in exchange for $118,000 cash. 2 Purchased inventory on account for $27,000 (the perpetual inventory system is used). 4 Paid an insurance company $1,440 for a one-year insurance policy. Prepaid insurance was debited for the entire amount. 10 Sold merchandise on account for $11,200. The cost of the merchandise was $6,200. 15 Borrowed $22,000 from a local bank and...
Halogen Laminated Products Company began business on January 1, 2021. During January, the following transactions occurred: Jan. 1 Issued common stock in exchange for $118,000 cash. 2 Purchased inventory on account for $27,000 (the perpetual inventory system is used). 4 Paid an insurance company $1,440 for a one-year insurance policy. Prepaid insurance was debited for the entire amount. 10 Sold merchandise on account for $11,200. The cost of the merchandise was $6,200. 15 Borrowed $22,000 from a local bank and...
Halogen Laminated Products Company began business on January 1, 2018. During January, the following transactions occurred: Jan. 1 Issued common stock in exchange for $119,000 cash. 2 Purchased inventory on account for $26,000 (the perpetual inventory system is used). 4 Paid an insurance company $1,320 for a one-year insurance policy. 10 Sold merchandise on account for $11,100. The cost of the merchandise was $6,100. 15 Borrowed $21,000 from a local bank and signed a note. Principal and interest at 10%...
Halogen Laminated Products Company began business on January 1, 2018. During January, the following transactions occurred: Jan. 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. Principal and interest at 10%...
Question 1 20 pts . Halogen Laminated Products Company began business on January 1, 2019. During January, the following transactions occurred: Jan. 1 Issued common stock in exchange for $116,000 cash. 2 Purchased inventory on account for $29,000 (the perpetual inventory system is used). 4. Paid an insurance company $1,680 for a one-year insurance policy. 10 Sold merchandise on account for $11,400. The cost of the merchandise was $6,400. 15 Borrowed $24,000 from a local bank and signed a note....
Halogen Laminated Products Company began business on January 1, 2021. During January, the following transactions occurred: Jan. 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. Prepaid insurance was debited for the entire amount. 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...
Please do the 3 requirements Problem 2-1 Accounting cycle through unadjusted trial balance [LO2-2, 2-3] Halogen Laminated Products Company began business on January 1, 2018. During January, the following transactions occurred: Jan. 1 Issued common stock in exchange for $101,000 cash. 2 Purchased inventory on account for $36,000 (the perpetual inventory system is used). 4 Paid an insurance company $2,520 for a one-year insurance policy 10 Sol 15 20 Paid employees $6,100 salaries and vages for the firat half of...
The following transactions occurred during December 31, 2021, for the Microchip Company. On October 1, 2021, Microchip lent $90,000 to another company. A note was signed with principal and 8% interest to be paid on September 30, 2022. On November 1, 2021, the company paid its landlord $6,000 representing rent for the months of November through January. Prepaid rent was debited. On August 1, 2021, collected $12,000 in advance rent from another company that is renting a portion of Microchip’s...