Question: TechGurus IT Services started operations on January 1, 20X1. Journalize the following transactions in the general journal. Transactions: Issued 27,000 shares of common stock at
"TechGurus IT Services" started operations on January 1, 20X1. Journalize the following transactions in the general journal.
Transactions:
- Issued 27,000 shares of common stock at $190 per share, receiving cash.
- Purchased software and hardware worth $180,000 on credit from "IT Supplies Ltd."
- Sold IT services for $350,000 in cash.
- Paid $230,000 to "IT Supplies Ltd." for the supplies purchased.
- Acquired servers and networking equipment worth $295,000 in cash.
- Disbursed wages totaling $160,000.
- Provided services worth $310,000 on credit to "Digital Retailers."
- Received $290,000 from "Digital Retailers" for the services provided on credit.
- Remitted rent totaling $130,000.
- Received a utility bill amounting to $65,000.
Requirement:
Journalize all these transactions into a general journal entry.
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