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Stellar Tech Inc. started operations on January 1, 20X1. Throughout the year, the company executed several transactions to grow its business. Record the following transactions
"Stellar Tech Inc." started operations on January 1, 20X1. Throughout the year, the company executed several transactions to grow its business. Record the following transactions in the general journal.
Transactions:
- Issued 8,000 shares of common stock at $70 per share, receiving cash.
- Purchased inventory worth $65,000 on credit from "Galaxy Supplies."
- Sold goods for $100,000 on credit to "Star Retailers."
- Received $90,000 from "Star Retailers" for the sale made on credit.
- Acquired office furniture worth $90,000 in cash.
- Paid rent amounting to $40,000.
Requirement:
Journalize all these transactions into a general journal.
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