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EcoHouse Furnishings Ltd. commenced operations on January 1, 20X1. Record the following transactions in the general journal. Transactions: Issued 26,000 shares of common stock at
"EcoHouse Furnishings Ltd." commenced operations on January 1, 20X1. Record the following transactions in the general journal.
Transactions:
- Issued 26,000 shares of common stock at $185 per share, receiving cash.
- Purchased furniture and supplies worth $175,000 on credit from "Furniture Suppliers Co."
- Sold furniture for $340,000 in cash.
- Paid $220,000 to "Furniture Suppliers Co." for the supplies purchased.
- Acquired showroom fixtures worth $285,000 in cash.
- Disbursed wages totaling $155,000.
- Sold goods worth $300,000 on credit to "Home Decor Retailers."
- Received $280,000 from "Home Decor Retailers" for the sale made on credit.
- Remitted rent totaling $125,000.
- Received a utility bill amounting to $62,000.
Requirement:
Journalize all these transactions into a general journal entry.
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