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Following are the transactions of Sustain Company. June 1 T . James, owner, invested $ 2 0 , 5 0 0 cash in Sustain Company.

Following are the transactions of Sustain Company.
June 1 T. James, owner, invested $20,500 cash in Sustain Company.
June 2 The company purchased $13,500 of furniture made from reclaimed wood on credit.
June 3 The company paid $2,500 cash for a 12-month prepaid insurance policy on the reclaimed furniture.
June 4 The company billed a customer $12,500 for sustainability services provided.
June 12 The company paid $13,500 cash toward the payable from the June 2 furniture purchase.
The company collected $12,500 cash for services billed on June 4.
June 30 The James invested an additional $19,500 cash in Sustain Company.
June 30 The company received $14,500 cash in advance of providing sustainability services to a customer.
Prepare general journal entries for the above transactions.
Journal entry worksheet
T. James invested an additional $19,500 cash in Sustain Company.
Note: Enter debits before credits.
\table[[Date,General Journal,Debit,Credit],[June 21,,,],[,,,],[,,,],[,,,],[,,,],[,,,]]
Following are the transactions for Valdez Services.
a. The company paid $500 cash for payment on a 1-month-old account payable for office supplies.
b. The company paid $1,500 cash for the just completed two-week salary of the receptionist.
c. The company paid $20,000 cash for equipment purchased.
d. The company paid $300 cash for this month's utilities.
e. The owner, B. Valdez, withdrew $4,500 cash from the company for personal use.
Prepare general journal entries for the above transactions of Valdez Services.
Listed below are three reasons why a transaction would not result in an expense. Match each of the reasons to the transaction it properly describes.
Complete this question by entering your answers in the tabs below.
Prepare general journal entries for the above transactions of Valdez Services.
Journal entry worksheet
The company paid $500 cash for payment on a 1-month-old account payable for office supplies.
Note: Enter debits before credits.
\table[[Transaction,General Journal,Debit,Credit],[a.,,,],[,,,],[,,,],[,,,],[,,,],[,,,]]
Complete this question by entering your answers in the tabs below.
Listed below are three reasons why a transaction would not result in an expense. Match each of the reasons to the transaction it properly describes.
\table[[Reason],[\table[[This transaction is a distribution of cash to the owner. Even though equity decreased, that decrease did not occur in the process of],[providing goods or services to customers.]]],[\table[[This transaction decreased cash in settlement of a previously existing liability (equity did not change). Supplies expense is recorded],[when assets are used, not necessarily when cash is paid.]]],[\table[[This transaction involves the purchase of an asset. The form of the company's assets changed, but total assets did not (and neither],[did equity).]]]]
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