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Crystal Clear Inc. began operations on January 1, 20X1. Throughout the year, the company executed numerous transactions to grow its business. Record the following transactions
"Crystal Clear Inc." began operations on January 1, 20X1. Throughout the year, the company executed numerous transactions to grow its business. Record the following transactions in the general journal.
Transactions:
- Issued 11,000 shares of common stock at $85 per share, receiving cash.
- Purchased inventory worth $80,000 on credit from "Clear Supplies."
- Sold goods for $130,000 in cash.
- Paid $55,000 to "Clear Supplies" for the inventory purchased.
- Acquired computer equipment worth $120,000 in cash.
- Paid salaries totaling $55,000.
Requirement:
Journalize all these transactions into a general journal.
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