ollowing are the transactions of Sustain Company.   June 1 T. James, owner, invested $15,500 cash in Sustain Company in exchange for common stock. June 2 The company purchased $8,500 of furniture made from reclaimed wood on credit. June 3 The company paid $1,500 cash for a 12-month prepaid insurance policy on the reclaimed furniture. June 4 The company billed a customer $7,500 for sustainability services provided. June 12 The company paid $8,500 cash toward the payable from the June 2 furniture

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Following are the transactions of Sustain Company.
 

June 1 T. James, owner, invested $15,500 cash in Sustain Company in exchange for common stock.
June 2 The company purchased $8,500 of furniture made from reclaimed wood on credit.
June 3 The company paid $1,500 cash for a 12-month prepaid insurance policy on the reclaimed furniture.
June 4 The company billed a customer $7,500 for sustainability services provided.
June 12 The company paid $8,500 cash toward the payable from the June 2 furniture purchase.
June 20 The company collected $7,500 cash for services billed on June 4.
June 21 T. James invested an additional $14,500 cash in Sustain Company in exchange for common stock.
June 30 The company received $9,500 cash in advance of providing sustainability services to a customer.

 
Prepare general journal entries for the above transactions.

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