"Summit Retailers" initiated operations on January 1, 20X1. Throughout the year, the company conducted various transactions to support its business activities. Record the following transactions in the general journal and then post them to the general ledger.
Transactions:

1. Issued 2,500 shares of common stock at $40 per share, receiving cash.
2. Purchased inventory worth $25,000 on credit from "Mountain Wholesalers."
3. Sold goods for $35,000 in cash.
4. Paid $15,000 to "Mountain Wholesalers" for the inventory purchased.
5. Acquired office furniture worth $30,000 in cash.
6. Received a utility bill for $4,000.
7. Paid rent amounting to $5,500.
8. Sold goods worth $22,000 on credit to "Valley Retailers."
9. Received $14,000 from "Valley Retailers" for the sale made on credit.
10. Paid salaries totaling $9,500.

Requirement:
Journalize all these transactions into a general ledger.