Cozy Home Furnishings

Transaction	Description	Amount
1	Issued common stock	$300,000
2	Bought inventory on credit	$70,000
3	Paid for warehouse rent	$10,000
4	Sold goods worth $80,000 (cost $50,000) on account	$80,000
5	Paid wages	$25,000
6	Received cash from customers	$60,000
7	Paid for utilities	$5,000

Requirement: Record transactions, post to the ledger, and prepare a balance sheet.