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Transactions for the month of January 2024: Issued common stock for $50,000 cash. Purchased inventory on account for $20,000. Sold goods costing $10,000 for $25,000
Transactions for the month of January 2024:
- Issued common stock for $50,000 cash.
- Purchased inventory on account for $20,000.
- Sold goods costing $10,000 for $25,000 on account.
- Paid $5,000 for rent.
- Paid $8,000 in salaries.
- Collected $15,000 from customers on account.
- Paid $7,000 for utilities.
- Declared and paid dividends of $2,000.
Required:
- Prepare the journal entries for the above transactions.
- Post the journal entries to the Ledger Accounts.
- Calculate the Trial Balance as at 31 January 2024.
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