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Swift Logistics Co. commenced operations on January 1, 20X1. Record the following transactions in the general journal. Transactions: Issued 32,000 shares of common stock at
"Swift Logistics Co." commenced operations on January 1, 20X1. Record the following transactions in the general journal.
Transactions:
- Issued 32,000 shares of common stock at $215 per share, receiving cash.
- Purchased delivery trucks and supplies worth $205,000 on credit from "Logistics Supplies Co."
- Sold logistics services for $400,000 in cash.
- Paid $280,000 to "Logistics Supplies Co." for the trucks and supplies purchased.
- Acquired warehouse equipment worth $345,000 in cash.
- Disbursed wages totaling $185,000.
- Provided services worth $360,000 on credit to "Delivery Retailers."
- Received $340,000 from "Delivery Retailers" for the services provided on credit.
- Remitted rent totaling $155,000.
- Received a utility bill amounting to $78,000.
Requirement:
Journalize all these transactions into a general journal entry.
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