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Innovative Tech Solutions Ltd. started operations on January 1, 20X1. Record the following transactions in the general journal. Transactions: Issued 36,000 shares of common stock
"Innovative Tech Solutions Ltd." started operations on January 1, 20X1. Record the following transactions in the general journal.
Transactions:
- Issued 36,000 shares of common stock at $235 per share, receiving cash.
- Purchased technology equipment and supplies worth $225,000 on credit from "Tech Supplies Co."
- Sold technology solutions for $440,000 in cash.
- Paid $320,000 to "Tech Supplies Co." for the equipment and supplies purchased.
- Acquired servers and workstations worth $385,000 in cash.
- Disbursed wages totaling $205,000.
- Provided services worth $400,000 on credit to "Tech Retailers."
- Received $380,000 from "Tech Retailers" for the services provided on credit.
- Remitted rent totaling $175,000.
- Received a utility bill amounting to $88,000.
Requirement:
Journalize all these transactions into a general journal entry.
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