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Tech Innovations LLC started operations on January 1, 20X1. Throughout the year, the company engaged in numerous transactions to grow its business. Record the following
"Tech Innovations LLC" started operations on January 1, 20X1. Throughout the year, the company engaged in numerous transactions to grow its business. Record the following transactions in the general journal.
Transactions:
- Issued 6,000 shares of common stock at $60 per share, receiving cash.
- Purchased inventory worth $55,000 on credit from "Future Supplies."
- Sold goods for $80,000 on credit to "Gadget Retailers."
- Received $70,000 from "Gadget Retailers" for the sale made on credit.
- Acquired computer equipment worth $70,000 in cash.
- Paid rent amounting to $30,000.
Requirement:
Journalize all these transactions into a general journal.
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