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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:

  1. Issued 29,000 shares of common stock at $200 per share, receiving cash.
  2. Purchased books and supplies worth $190,000 on credit from "Book Suppliers Co."
  3. Sold books for $370,000 in cash.
  4. Paid $250,000 to "Book Suppliers Co." for the supplies purchased.
  5. Acquired display shelves and furniture worth $315,000 in cash.
  6. Disbursed wages totaling $170,000.
  7. Sold goods worth $330,000 on credit to "Book Retailers."
  8. Received $310,000 from "Book Retailers" for the sale made on credit.
  9. Remitted rent totaling $140,000.
  10. Received a utility bill amounting to $70,000.

Requirement:

Journalize all these transactions into a general journal entry.

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