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Golden Harvest Corp. started operations on January 1, 20X1. Throughout the year, the company executed numerous transactions to enhance its business. Record the following transactions
"Golden Harvest Corp." started operations on January 1, 20X1. Throughout the year, the company executed numerous transactions to enhance its business. Record the following transactions in the general journal.
Transactions:
- Issued 35,000 shares of common stock at $190 per share, receiving cash.
- Purchased inventory worth $135,000 on credit from "Harvest Supplies."
- Sold goods for $230,000 in cash.
- Paid $160,000 to "Harvest Supplies" for the inventory purchased.
- Acquired office furniture worth $240,000 in cash.
- Paid salaries totaling $150,000.
- Sold goods worth $190,000 on credit to "Abundant Retailers."
- Received $180,000 from "Abundant Retailers" for the sale made on credit.
- Paid rent amounting to $75,000.
- Received a utility bill for $33,000.
- Purchased office supplies for $14,000 in cash.
- Declared and paid dividends amounting to $65,000.
Requirement:
Journalize all these transactions into a general journal.
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