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:

  1. Issued 27,000 shares of common stock at $190 per share, receiving cash.
  2. Purchased software and hardware worth $180,000 on credit from "IT Supplies Ltd."
  3. Sold IT services for $350,000 in cash.
  4. Paid $230,000 to "IT Supplies Ltd." for the supplies purchased.
  5. Acquired servers and networking equipment worth $295,000 in cash.
  6. Disbursed wages totaling $160,000.
  7. Provided services worth $310,000 on credit to "Digital Retailers."
  8. Received $290,000 from "Digital Retailers" for the services provided on credit.
  9. Remitted rent totaling $130,000.
  10. Received a utility bill amounting to $65,000.

Requirement:

Journalize all these transactions into a general journal entry.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!