Prepare general journal entries for the following transactions of Sustain Company. June 1 T. James, owner, invested
Question:
Prepare general journal entries for the following transactions of Sustain Company.
June 1 T. James, owner, invested $11,000 cash in Sustain Company in exchange for common stock.
2 The company purchased $4,000 of furniture made from reclaimed wood on credit.
3 The company paid $600 cash for a 12-month prepaid insurance policy on the reclaimed furniture.
4 The company billed a customer $3,000 for sustainability services provided.
12 The company paid $4,000 cash toward the payable from the June 2 furniture purchase.
20 The company collected $3,000 cash for services billed on June 4.
21 T. James invested an additional $10,000 cash in Sustain Company in exchange for common stock.
30 The company received $5,000 cash in advance of providing sustainability services to a customer.
Step by Step Answer:
Financial Accounting Information For Decisions
ISBN: 9781260705584
10th Edition
Authors: John J. Wild