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SmartFit Gym Ltd. began operations on January 1, 20X1. Record the following transactions in the general journal. Transactions: Issued 33,000 shares of common stock at
"SmartFit Gym Ltd." began operations on January 1, 20X1. Record the following transactions in the general journal.
Transactions:
- Issued 33,000 shares of common stock at $220 per share, receiving cash.
- Purchased gym equipment and supplies worth $210,000 on credit from "Fitness Supplies Co."
- Sold gym memberships for $410,000 in cash.
- Paid $290,000 to "Fitness Supplies Co." for the equipment and supplies purchased.
- Acquired exercise machines worth $355,000 in cash.
- Disbursed wages totaling $190,000.
- Sold gym services worth $370,000 on credit to "Health Retailers."
- Received $350,000 from "Health Retailers" for the services provided on credit.
- Remitted rent totaling $160,000.
- Received a utility bill amounting to $80,000.
Requirement:
Journalize all these transactions into a general journal entry.
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