Golden Sands Inc. began operations on January 1, 20X1. Throughout the year, the company executed several transactions
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Question:
"Golden Sands Inc." began operations on January 1, 20X1. Throughout the year, the company executed several transactions to enhance its business. Record the following transactions in the general journal.
Transactions:
- Issued 18,000 shares of common stock at $120 per share, receiving cash.
- Purchased inventory worth $100,000 on credit from "Sands Suppliers."
- Sold goods for $160,000 in cash.
- Paid $90,000 to "Sands Suppliers" for the inventory purchased.
- Acquired office furniture worth $170,000 in cash.
- Paid salaries totaling $80,000.
- Sold goods worth $120,000 on credit to "Desert Retailers."
- Received $110,000 from "Desert Retailers" for the sale made on credit.
- Paid rent amounting to $40,000.
- Received a utility bill for $19,000.
- Purchased office supplies for $7,000 in cash.
- Declared and paid dividends amounting to $30,000.
Requirement:
Journalize all these transactions into a general journal.
Posted Date: