Question

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 month. 22 Sold merchandise for $10,100 cash. The cost of the merchandise 24 Paid $15,100 to suppliers for the merchandise purchased on January 2 26 Collected $6,050 on account from customers. 28 Paid $1,100 to the local utility company for January gas and electrieity d merchandise on account for $12,100. The cost of the merchandise was $7,100 Borrowed months. $31,000 from a local bank and signed a note. Prineipal and interest at 10s is to be repaid in six was $6,100. $4,100 rent for the building. $2,050 was for January rent, and $2,050 tor February rent. Required: 1. Prepare general journal entries to record each transaction. 2. Post the transactions into the appropriate T-accounts 3. Prepare an unadjusted trial balance as of January 30, 2018. inn hu entering your answers in the tabs below.

Answer 1

2-1)
1. Journal Entries:
Date	Accounts Title	Debit$	Credit $
1-Jan	Cash	101000
	Common Stock		101000
	(being common stock issued)
2-Jan	Inventory	36000
	Accounts Payable		36000
	(being inventory purchased on credit)
4-Jan	Insurance exp	2520
	Cash		2520
	(being insurance exp. For 1 year)
10-Jan	Accounts Receivable	12100
	Sales revenue		12100
	(being sale of inventory)
	COGS	7100
	Inventory		7100
	(being COGS of sales booked)
15-Jan	Cash	31000
	Note Payable		31000
	(being borrowed from bank on Note signing)
20-Jan	Salaries and Wages	6100
	Cash		6100
	(being salaries and wages paid for half year)
22-Jan	Cash	10100
	Sales revenue		10100
	(being sale of inventory)
	COGS	6100
	Inventory		6100
	(being COGS of sales booked)
24-Jan	Accounts Payable	15100
	Cash		15100
	(being AP paid)
26-Jan	Cash	6050
	Accounts Receivable		6050
	(Being cash collected of receivables)
28-Jan	Utility Exp	1100
	Cash		1100
	(being utilities paid)
30-Jan	Rent exp	2050
	Pre-paid Rent	2050
	Cash		4100
	(being rent paid )

2. T-accounts:
DEBIT	AMOUNT $	CREDIT	AMOUNT $
CASH a/c
1	101000	4	2520
15	31000	20	6100
22	10100	24	15100
26	6050	28	1100
		30	4100
		CB	119230
Common Stock a/c
		1	101000
Inventory a/c
2	36000	10	7100
		22	6100
		CB	22800
AP a/c
24	15100	2	36000
CB	20900
Insurance exp. a/c
4	2520
AR a/c
10	12100	26	6050
		CB	6050
Sales revenues a/c
CB	22200	10	12100
		22	10100
COGS a/c
10	7100	CB	13200
22	6100
Note payable a/c
		15	31000
Salaries and wages a/c
20	6100
Utilities exp a/c
28	1100
Rent exp a/c
30	2050
Prepaid Rent a/c
30	2050

3. Unadjusted Trial Balance:
Accounts Title	Debit $	Credit $
Cash	119230
Common Stock		101000
Inventory	22800
AP		20900
Ins Exp	2520
AR	6050
Sales Rev.		22200
COGS	13200
Note Payable		31000
Salaries and Wages	6100
Utilities exp.	1100
Rent exp.	2050
Prepaid Rent	2050
TOTAL	175100	175100