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Bright Minds Education Ltd. started operations on January 1, 20X1. Record the following transactions in the general journal. Transactions: Issued 34,000 shares of common stock
"Bright Minds Education Ltd." started operations on January 1, 20X1. Record the following transactions in the general journal.
Transactions:
- Issued 34,000 shares of common stock at $225 per share, receiving cash.
- Purchased educational materials and supplies worth $215,000 on credit from "Education Supplies Co."
- Sold educational courses for $420,000 in cash.
- Paid $300,000 to "Education Supplies Co." for the materials and supplies purchased.
- Acquired classroom furniture worth $365,000 in cash.
- Disbursed wages totaling $195,000.
- Provided educational services worth $380,000 on credit to "Education Retailers."
- Received $360,000 from "Education Retailers" for the services provided on credit.
- Remitted rent totaling $165,000.
- Received a utility bill amounting to $82,000.
Requirement:
Journalize all these transactions into a general journal entry.
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