Following are the transactions of Sustain Company. June 1 T. James, owner, invested $11,500 cash in Sustain Company in exchange for common stock. 2 The company purchased $4,500 of furniture made from reclaimed wood on credit. 3 The company paid $700 cash for a 12-month prepaid insurance policy on the reclaimed furniture. 4 The company billed a customer $3,500 for sustainability services provided. 12 The company paid $4,500 cash toward the payable from the June 2 furniture purchase. 20 The company collected $3,500 cash for services billed on June 4. 21 T. James invested an additional $10,500 cash in Sustain Company in exchange for common stock. 30 The company received $5,500 cash from a client for sustainability services for the next 3 months. Prepare general journal entries for the above transactions.

Following are the transactions of Sustain Company. June 1 T. James, owner, invested $11,500 cash in Sustain Company in exchange for common stock. 2 The company purchased $4,500 of furniture made from reclaimed wood on credit. 3 The company paid $700 cash for a 12-month prepaid insurance policy on the reclaimed furniture. 4 The company billed a customer $3,500 for sustainability services provided. 12 The company paid $4,500 cash toward the payable from the June 2 furniture purchase. 20 The company collected $3,500 cash for services billed on June 4. 21 T. James invested an additional $10,500 cash in Sustain Company in exchange for common stock. 30 The company received $5,500 cash from a client for sustainability services for the next 3 months. Prepare general journal entries for the above transactions.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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