Exercise 2-8 (Algo) Preparing journal entries LO A1 Following are the transactions of Sustain Company. June 1 1. James, owner, invested $20,000 cash in Sustain Company. June 2 The company purchased $13,000 of furniture made from reclaimed wood on credit. June 3 The company paid $2,400 cash for a 12-month prepaid insurance policy on the reclaimed furniture. June 4 The company billed a customer $12,000 for sustainability services provided. June 12 The company paid $13,000 cash toward the payable from the June 2 furniture purchase. June 20 The company collected $12,000 cash for services billed on June 4. June 21 T. James invested an additional $19,000 cash in Sustain Company. June 30 The company received $14,000 cash in advance of providing sustainability services to a customer. Prepare general journal entries for the above transactions. View transaction list View journal entry worksheet ~ No General Journal Credit Date June 01 Debit 20,000 1 Cash 2 June 02 Furniture 13,000 3 June 03 Prepaid insurance 2,400 4 June 04 Accounts receivable 12,000 5 June 12 Accounts payable 13,000 6 June 20 Accounts receivable 12,000 7 June 21 Cash 19,000 8 June 30 Accounts receivable 14,000