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Sunset Holdings began operations on January 1, 20X1. Throughout the year, the company conducted various transactions to advance its business. Record the following transactions in
"Sunset Holdings" began operations on January 1, 20X1. Throughout the year, the company conducted various transactions to advance its business. Record the following transactions in the general journal.
Transactions:
- Issued 17,000 shares of common stock at $135 per share, receiving cash.
- Purchased inventory worth $130,000 on credit from "Dusk Suppliers."
- Sold goods for $230,000 in cash.
- Paid $115,000 to "Dusk Suppliers" for the inventory purchased.
- Acquired computer equipment worth $220,000 in cash.
- Received a utility bill for $24,000.
- Paid rent amounting to $48,000.
- Sold goods worth $200,000 on credit to "Twilight Retailers."
- Received $190,000 from "Twilight Retailers" for the sale made on credit.
- Paid salaries totaling $100,000.
Requirement:
Journalize all these transactions into a general journal.
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