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Platinum Ventures started operations on January 1, 20X1. Throughout the year, the company engaged in several transactions to grow its business. Record the following transactions
"Platinum Ventures" started operations on January 1, 20X1. Throughout the year, the company engaged in several transactions to grow its business. Record the following transactions in the general journal.
Transactions:
- Issued 6,000 shares of common stock at $80 per share, receiving cash.
- Purchased inventory worth $75,000 on credit from "Silver Suppliers."
- Sold goods for $120,000 in cash.
- Paid $60,000 to "Silver Suppliers" for the inventory purchased.
- Acquired a delivery truck worth $110,000 in cash.
- Received a utility bill for $13,000.
- Paid rent amounting to $20,000.
- Sold goods worth $100,000 on credit to "Elite Retailers."
- Received $90,000 from "Elite Retailers" for the sale made on credit.
- Paid salaries totaling $45,000.
Requirement:
Journalize all these transactions into a general journal.
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