California Polytechnic State University, Pomona ACC 3110Ch. 211/7/2017 Assignment Print
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1. Award: 10 out of 10.00 points
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 $108,000 cash.
2 Purchased inventory on account for $43,000 (the perpetual inventory system is used).
4 Paid an insurance company $3,360 for a one-year insurance policy.
10 Sold merchandise on account for $12,800. The cost of the merchandise was $7,800.
15 Borrowed $38,000 from a local bank and signed a note. Principal and interest at 10% is to be repaid in six months.
20 Paid employees $6,800 salaries and wages for the first half of the month.
22 Sold merchandise for $10,800 cash. The cost of the merchandise was $6,800.
24 Paid $15,800 to suppliers for the merchandise purchased on January 2.
26 Collected $6,400 on account from customers.
28 Paid $1,200 to the local utility company for January gas and electricity.
30 Paid $4,800 rent for the building. $2,400 was for January rent, and $2,400 for 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.
11/7/2017 Assignment Print View
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Required 1 Required 2
Complete this question by entering your answers in the tabs below.
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.)
Required 1 Required 2 Required 3
No Date General Journal Debit Credit
1 Jan 01, 2018 Cash 108,000
Common stock 108,000
2 Jan 02, 2018 Inventory 43,000
Accounts payable 43,000
3 Jan 04, 2018 Prepaid insurance 3,360
Cash 3,360
4 Jan 10, 2018 Accounts receivable 12,800
Sales revenue 12,800
5 Jan 10, 2018 Cost of goods sold 7,800
Inventory 7,800
6 Jan 15, 2018 Cash 38,000
Note payable 38,000
7 Jan 20, 2018 Salaries and wages expense 6,800
Cash 6,800
8 Jan 22, 2018 Cash 10,800
Sales revenue 10,800
9 Jan 22, 2018 Cost of goods sold 6,800
Inventory 6,800
10 Jan 24, 2018 Accounts payable 15,800
Cash 15,800
11 Jan 26, 2018 Cash 6,400
Accounts receivable 6,400
12 Jan 28, 2018 Utilities expense 1,200
Cash 1,200
13 Jan 30, 2018 Prepaid rent 2,400
Rent expense 2,400
Cash 4,800
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References
Worksheet Difficulty: 3 Hard Learning Objective: 02-03 Post the effects of journal
entries to general ledger accounts and prepare an
unadjusted trial balance.
Problem 2-1
Accounting cycle
through unadjusted
trial balance [LO2-2,
2-3]
Learning Objective: 02-02
Record transactions using
the general journal format.
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 $108,000 cash.
2 Purchased inventory on account for $43,000 (the perpetual inventory system is used).
4 Paid an insurance company $3,360 for a one-year insurance policy.
10 Sold merchandise on account for $12,800. The cost of the merchandise was $7,800.
15 Borrowed $38,000 from a local bank and signed a note. Principal and interest at 10% is to be repaid in six months.
20 Paid employees $6,800 salaries and wages for the first half of the month.
22 Sold merchandise for $10,800 cash. The cost of the merchandise was $6,800.
24 Paid $15,800 to suppliers for the merchandise purchased on January 2.
26 Collected $6,400 on account from customers.
28 Paid $1,200 to the local utility company for January gas and electricity.
30 Paid $4,800 rent for the building. $2,400 was for January rent, and $2,400 for 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.
11/7/2017 Assignment Print View
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Required 1 Required 2
Complete this question by entering your answers in the tabs below.
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.)
Required 1 Required 2 Required 3
No Date General Journal Debit Credit
1 Jan 01, 2018 Cash 108,000
Common stock 108,000
2 Jan 02, 2018 Inventory 43,000
Accounts payable 43,000
3 Jan 04, 2018 Prepaid insurance 3,360
Cash 3,360
4 Jan 10, 2018 Accounts receivable 12,800
Sales revenue 12,800
5 Jan 10, 2018 Cost of goods sold 7,800
Inventory 7,800
6 Jan 15, 2018 Cash 38,000
Note payable 38,000
7 Jan 20, 2018 Salaries and wages expense 6,800
Cash 6,800
8 Jan 22, 2018 Cash 10,800
Sales revenue 10,800
9 Jan 22, 2018 Cost of goods sold 6,800
Inventory 6,800
10 Jan 24, 2018 Accounts payable 15,800
Cash 15,800
11 Jan 26, 2018 Cash 6,400
Accounts receivable 6,400
12 Jan 28, 2018 Utilities expense 1,200
Cash 1,200
13 Jan 30, 2018 Prepaid rent 2,400
Rent expense 2,400
Cash 4,800
11/7/2017 Assignment Print View
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1. Award: 10 out of 10.00 points
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 $108,000 cash.
2 Purchased inventory on account for $43,000 (the perpetual inventory system is used).
4 Paid an insurance company $3,360 for a one-year insurance policy.
10 Sold merchandise on account for $12,800. The cost of the merchandise was $7,800.
15 Borrowed $38,000 from a local bank and signed a note. Principal and interest at 10% is to be repaid in six months.
20 Paid employees $6,800 salaries and wages for the first half of the month.
22 Sold merchandise for $10,800 cash. The cost of the merchandise was $6,800.
24 Paid $15,800 to suppliers for the merchandise purchased on January 2.
26 Collected $6,400 on account from customers.
28 Paid $1,200 to the local utility company for January gas and electricity.
30 Paid $4,800 rent for the building. $2,400 was for January rent, and $2,400 for 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.
Complete this question by entering your answers in the tabs below.
Post the transactions into the appropriate T-accounts. (Enter the date of the transaction in the column next to the amount.)
Required 1 Required 2 Required 3
Cash Accounts Receivable
Beg. bal. 0 Beg. bal. 0
1/1 108,000 3,360 1/4 1/10 12,800 6,400 1/26
1/15 38,000 6,800 1/20
1/22 10,800 15,800 1/24
1/26 6,400 1,200 1/28
4,800 1/30
End. bal. 131,240 End. bal. 6,400
Inventory Prepaid Insurance
Beg. bal. 0 Beg. bal. 0
1/2 43,000 7,800 1/10 1/4 3,360
6,800 1/22
End. bal. 28,400 End. bal. 3,360
Prepaid Rent Accounts Payable
Beg. bal. 0 Beg. bal. 0
1/30 2,400 1/24 15,800 43,000 1/2
End. bal. 2,400 End. bal. 27,200
Note Payable Common Stock
Beg. bal. 0 Beg. bal. 0
38,000 1/15 108,000 1/1
End. bal. 38,000 End. bal. 108,000
Sales Revenue Cost of Goods Sold
Beg. bal. 0 Beg. bal. 0
11/7/2017 Assignment Print View
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Required 1 Required 3
eg ba eg ba
12,800 1/10 1/10 7,800
10,800 1/22 1/22 6,800
End. bal. 23,600 End. bal. 14,600
Salaries and Wages Expense Rent Expense
Beg. bal. 0 Beg. bal. 0
1/20 6,800 1/30 2,400
End. bal. 6,800 End. bal. 2,400
Utilities Expense
Beg. bal. 0
1/28 1,200
End. bal. 1,200
References
Worksheet Difficulty: 3 Hard Learning Objective: 02-03 Post the effects of journal entries
to general ledger accounts and prepare an unadjusted trial
balance.
Problem 2-1
Accounting cycle
through unadjusted
trial balance [LO2-2, 2-
3]
Learning Objective: 02-02
Record transactions using the
general journal format. [Show Less]