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BlueSky Airlines Ltd. started operations on January 1, 20X1. Record the following transactions in the general journal. Transactions: Issued 13,000 shares of common stock at
"BlueSky Airlines Ltd." started operations on January 1, 20X1. Record the following transactions in the general journal.
Transactions:
- Issued 13,000 shares of common stock at $120 per share, receiving cash.
- Purchased jet fuel worth $110,000 on credit from "Aviation Supplies Co."
- Sold flight tickets for $210,000 in cash.
- Paid $95,000 to "Aviation Supplies Co." for the fuel purchased.
- Acquired aircraft maintenance equipment worth $165,000 in cash.
- Paid wages totaling $90,000.
- Sold flight tickets worth $180,000 on credit to "Travel Retailers."
- Received $160,000 from "Travel Retailers" for the tickets sold on credit.
- Paid rent amounting to $65,000.
- Received a utility bill for $32,000.
Requirement:
Journalize all these transactions into a general journal entry.
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