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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:
- Issued 38,000 shares of common stock at $245 per share, receiving cash.
- Purchased clothing and supplies worth $235,000 on credit from "Clothing Suppliers Co."
- Sold clothing products for $460,000 in cash.
- Paid $340,000 to "Clothing Suppliers Co." for the supplies purchased.
- Acquired store fixtures worth $405,000 in cash.
- Disbursed wages totaling $215,000.
- Sold goods worth $420,000 on credit to "Fashion Retailers."
- Received $400,000 from "Fashion Retailers" for the sale made on credit.
- Remitted rent totaling $185,000.
- Received a utility bill amounting to $92,000.
Requirement:
Journalize all these transactions into a general journal entry.
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