Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

UrbanStyle Clothing Ltd. started operations on January 1, 20X1. Record the following transactions in the general journal. Transactions: Issued 38,000 shares of common stock at

"UrbanStyle Clothing Ltd." started operations on January 1, 20X1. Record the following transactions in the general journal.

Transactions:

  1. Issued 38,000 shares of common stock at $245 per share, receiving cash.
  2. Purchased clothing and supplies worth $235,000 on credit from "Clothing Suppliers Co."
  3. Sold clothing products for $460,000 in cash.
  4. Paid $340,000 to "Clothing Suppliers Co." for the supplies purchased.
  5. Acquired store fixtures worth $405,000 in cash.
  6. Disbursed wages totaling $215,000.
  7. Sold goods worth $420,000 on credit to "Fashion Retailers."
  8. Received $400,000 from "Fashion Retailers" for the sale made on credit.
  9. Remitted rent totaling $185,000.
  10. Received a utility bill amounting to $92,000.

Requirement:

Journalize all these transactions into a general journal entry.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

College Accounting Chapters 1-30

Authors: John Price, M. David Haddock, Michael Farina

14th edition

978-1259284861, 1259284867, 77862392, 978-0077862398

More Books

Students also viewed these Accounting questions

Question

f. What subspecialties and specializations does the person list?

Answered: 1 week ago