Following are the transactions of Sustain Company. June 1T. James, owner, invested $21,000 cash in Sustain Company in exchange for common stock.June 2The company purchased $14,000 of furniture made from reclaimed wood on credit.June 3The company paid $2,600 cash for a 12-month prepaid insurance policy on the reclaimed furniture.June 4The company billed a customer $13,000 for sustainability services provided.June 12The company paid $14,000 cash toward the payable from the June 2 furniture purchase.June 20The company collected $13,000 cash for services billed on June 4.June 21T. James invested an additional $20,000 cash in Sustain Company in exchange for common stock.June 30The company received $15,000 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 1T. James, owner, invested $21,000 cash in Sustain Company in exchange for common stock.June 2The company purchased $14,000 of furniture made from reclaimed wood on credit.June 3The company paid $2,600 cash for a 12-month prepaid insurance policy on the reclaimed furniture.June 4The company billed a customer $13,000 for sustainability services provided.June 12The company paid $14,000 cash toward the payable from the June 2 furniture purchase.June 20The company collected $13,000 cash for services billed on June 4.June 21T. James invested an additional $20,000 cash in Sustain Company in exchange for common stock.June 30The company received $15,000 cash from a client for sustainability services for the next 3 months. Prepare general journal entries for the above transactions.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Topic Video
Question
Please help me.
Thankyou.
![Following are the transactions of Sustain Company.
June 1T. James, owner, invested $21,000 cash in Sustain
Company in exchange for common stock.June 2The company
purchased $14,000 of furniture made from reclaimed wood on
credit.June 3The company paid $2,600 cash for a 12-month
prepaid insurance policy on the reclaimed furniture.June 4The
company billed a customer $13,000 for sustainability services
provided.June 12The company paid $14,000 cash toward the
payable from the June 2 furniture purchase.June 20The
company collected $13,000 cash for services billed on June
4.June 21T. James invested an additional $20,000 cash in
Sustain Company in exchange for common stock.June 30The
company received $15,000 cash from a client for sustainability
services for the next 3 months.
Prepare general journal entries for the above transactions.
Su
Ac
Su](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3d0a6382-0102-44c5-938c-6645ce5d0f48%2Fcc2cfbc7-99aa-410c-91cd-01204f9c2d06%2Fygypplb_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Following are the transactions of Sustain Company.
June 1T. James, owner, invested $21,000 cash in Sustain
Company in exchange for common stock.June 2The company
purchased $14,000 of furniture made from reclaimed wood on
credit.June 3The company paid $2,600 cash for a 12-month
prepaid insurance policy on the reclaimed furniture.June 4The
company billed a customer $13,000 for sustainability services
provided.June 12The company paid $14,000 cash toward the
payable from the June 2 furniture purchase.June 20The
company collected $13,000 cash for services billed on June
4.June 21T. James invested an additional $20,000 cash in
Sustain Company in exchange for common stock.June 30The
company received $15,000 cash from a client for sustainability
services for the next 3 months.
Prepare general journal entries for the above transactions.
Su
Ac
Su
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education