Halogen Laminated Products Company began business on January 1, 2016. During January, the following transactions occurred. Issued common stock in exchange for $100.000 cash. Purchased inventory on account for $35.000 (the perpetual inventory system is used. Paid an insurance company S2, 400 for a one-year insurance policy. Sold merchandise on account for $12,000. The cost of the merchandise was $7000. Borrowed $30000 from a local bank and signed a note. Principal and interest at 10% is to be repaid in six months. Paid employees $6,000 salaries and wages for the first half od the month. Sold merchandise for $10,000 cash. The cost of the merchandise was $6,000. Paid $15.000 to suppliers for the merchandise purchased on January 2 Collected $6,000 on account from customers. Paid $1,000 to the local utility company for January gas and electricity. Paid$4.000 rent for the building. $2.000 was for January rent, and $2,000 for February rent. Prepare general journal entries to record each transaction. (If no entry is required for a transaction/event, select “No journal entry required in the first account field.) Show transcribed image text Halogen Laminated Products Company began business on January 1, 2016. During January, the following transactions occurred. Issued common stock in exchange for $100.000 cash. Purchased inventory on account for $35.000 (the perpetual inventory system is used. Paid an insurance company S2, 400 for a one-year insurance policy. Sold merchandise on account for $12,000. The cost of the merchandise was $7000. Borrowed $30000 from a local bank and signed a note. Principal and interest at 10% is to be repaid in six months. Paid employees $6,000 salaries and wages for the first half od the month. Sold merchandise for $10,000 cash. The cost of the merchandise was $6,000. Paid $15.000 to suppliers for the merchandise purchased on January 2 Collected $6,000 on account from customers. Paid $1,000 to the local utility company for January gas and electricity. Paid$4.000 rent for the building. $2.000 was for January rent, and $2,000 for February rent. Prepare general journal entries to record each transaction. (If no entry is required for a transaction/event, select “No journal entry required in the first account field.)
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