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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.

FINANCIAL ACCOUNTING
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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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
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
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