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Urban Eats Cafe started operations on January 1, 20X1. Record the following transactions in the general journal. Transactions: Issued 17,000 shares of common stock at
"Urban Eats Cafe" started operations on January 1, 20X1. Record the following transactions in the general journal.
Transactions:
- Issued 17,000 shares of common stock at $140 per share, receiving cash.
- Purchased coffee beans and bakery supplies worth $130,000 on credit from "Gourmet Suppliers."
- Sold food and beverages for $250,000 in cash.
- Paid $130,000 to "Gourmet Suppliers" for the supplies purchased.
- Acquired kitchen equipment worth $205,000 in cash.
- Paid wages totaling $110,000.
- Sold goods worth $220,000 on credit to "Cafe Retailers."
- Received $200,000 from "Cafe Retailers" for the sale made on credit.
- Paid rent amounting to $85,000.
- Received a utility bill for $42,000.
Requirement:
Journalize all these transactions into a general journal entry.
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