Nike, Inc. provided the following transactions for the month of July 2024:

• Sold merchandise for $1,600,000, receiving $1,000,000 in cash and the remainder on account.
• Purchased inventory worth $600,000 on credit.
• Paid $200,000 in cash for salaries.
• Received $400,000 in cash from customers on account.
• Issued common stock for $800,000 in cash.

Prepare the general journal entries and create the trial balance as of July 31, 2024.