"Prime Furniture Ltd." began operations on January 1, 20X1. Record the following transactions in the general journal.
Transactions:

1. Issued 8,000 shares of common stock at $95 per share, receiving cash.
2. Purchased wood and materials worth $85,000 on credit from "Timber Suppliers."
3. Sold furniture for $160,000 in cash.
4. Paid $70,000 to "Timber Suppliers" for the materials purchased.
5. Acquired woodworking machinery worth $115,000 in cash.
6. Paid wages totaling $65,000.
7. Sold goods worth $130,000 on credit to "Home Decor Retailers."
8. Received $110,000 from "Home Decor Retailers" for the sale made on credit.
9. Paid rent amounting to $40,000.
10. Received a utility bill for $20,000.

Requirement:
Journalize all these transactions into a general journal entry.