Forest Green Ltd. began operations on January 1, 20X1. Throughout the year, the company conducted various transactions
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Question:
"Forest Green Ltd." began operations on January 1, 20X1. Throughout the year, the company conducted various transactions to enhance its business. Record the following transactions in the general journal.
Transactions:
- Issued 7,000 shares of common stock at $65 per share, receiving cash.
- Purchased inventory worth $60,000 on credit from "Woodland Supplies."
- Sold goods for $90,000 in cash.
- Paid $40,000 to "Woodland Supplies" for the inventory purchased.
- Acquired machinery worth $80,000 in cash.
- Paid salaries totaling $35,000.
Requirement:
Journalize all these transactions into a general journal.
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