EliteFitness Gym started its operations with these transactions:
1.Issued $150,000 in common stock.
2.Purchased gym equipment for $50,000 on credit.
3.Paid $4,000 for advertising.
4.Sold memberships worth $70,000 (cost $20,000) on account.
5.Paid $30,000 in wages.
6.Received $60,000 from clients.
7.Paid $3,000 for utilities.
Requirement: Prepare journal entries and create a trial balance.