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Galaxy Books Ltd. started operations on January 1, 20X1. Journalize the following transactions in the general journal. Transactions: Issued 29,000 shares of common stock at
"Galaxy Books Ltd." started operations on January 1, 20X1. Journalize the following transactions in the general journal.
Transactions:
- Issued 29,000 shares of common stock at $200 per share, receiving cash.
- Purchased books and supplies worth $190,000 on credit from "Book Suppliers Co."
- Sold books for $370,000 in cash.
- Paid $250,000 to "Book Suppliers Co." for the supplies purchased.
- Acquired display shelves and furniture worth $315,000 in cash.
- Disbursed wages totaling $170,000.
- Sold goods worth $330,000 on credit to "Book Retailers."
- Received $310,000 from "Book Retailers" for the sale made on credit.
- Remitted rent totaling $140,000.
- Received a utility bill amounting to $70,000.
Requirement:
Journalize all these transactions into a general journal entry.
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