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Pure Aroma Fragrances Ltd. began operations on January 1, 20X1. Record the following transactions in the general journal. Transactions: Issued 16,000 shares of common stock
"Pure Aroma Fragrances Ltd." began operations on January 1, 20X1. Record the following transactions in the general journal.
Transactions:
- Issued 16,000 shares of common stock at $135 per share, receiving cash.
- Purchased essential oils worth $125,000 on credit from "Aroma Suppliers."
- Sold fragrances for $240,000 in cash.
- Paid $120,000 to "Aroma Suppliers" for the oils purchased.
- Acquired distillation equipment worth $195,000 in cash.
- Paid wages totaling $105,000.
- Sold goods worth $210,000 on credit to "Scent Retailers."
- Received $190,000 from "Scent Retailers" for the sale made on credit.
- Paid rent amounting to $80,000.
- Received a utility bill for $40,000.
Requirement:
Journalize all these transactions into a general journal entry.
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