Question: StarTech Innovations LLC started operations on January 1, 20X1. Record the following transactions in the general journal. Transactions: Issued 11,000 shares of common stock at
"StarTech Innovations LLC" started operations on January 1, 20X1. Record the following transactions in the general journal.
Transactions:
- Issued 11,000 shares of common stock at $110 per share, receiving cash.
- Purchased components worth $100,000 on credit from "Tech Supplies Co."
- Sold electronic devices for $190,000 in cash.
- Paid $85,000 to "Tech Supplies Co." for the components purchased.
- Acquired assembly line machinery worth $145,000 in cash.
- Paid wages totaling $80,000.
- Sold goods worth $160,000 on credit to "Gadget Retailers."
- Received $140,000 from "Gadget Retailers" for the sale made on credit.
- Paid rent amounting to $55,000.
- Received a utility bill for $28,000.
Requirement:
Journalize all these transactions into a general journal entry.
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