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HealthyLife Supplements Inc. began operations on January 1, 20X1. Record the following transactions in the general journal. Transactions: Issued 20,000 shares of common stock at
"HealthyLife Supplements Inc." began operations on January 1, 20X1. Record the following transactions in the general journal.
Transactions:
- Issued 20,000 shares of common stock at $155 per share, receiving cash.
- Purchased raw materials worth $145,000 on credit from "Health Suppliers."
- Sold supplements for $280,000 in cash.
- Paid $160,000 to "Health Suppliers" for the materials purchased.
- Acquired packaging equipment worth $235,000 in cash.
- Paid wages totaling $125,000.
- Sold goods worth $250,000 on credit to "Wellness Retailers."
- Received $230,000 from "Wellness Retailers" for the sale made on credit.
- Paid rent amounting to $100,000.
- Received a utility bill for $50,000.
Requirement:
Journalize all these transactions into a general journal entry.
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