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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 T James, owner, invested $ cash in Sustain Company.
June The company purchased $ of furniture made from reclaimed wood on credit.
June The company paid $ cash for a month prepaid insurance policy on the reclaimed furniture.
June The company billed a customer $ for sustainability services provided.
June The company paid $ cash toward the payable from the June furniture purchase.
The company collected $ cash for services billed on June
June The James invested an additional $ cash in Sustain Company.
June The company received $ 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 $ cash in Sustain Company.
Note: Enter debits before credits.
tableDateGeneral Journal,Debit,CreditJune
Following are the transactions for Valdez Services.
a The company paid $ cash for payment on a monthold account payable for office supplies.
b The company paid $ cash for the just completed twoweek salary of the receptionist.
c The company paid $ cash for equipment purchased.
d The company paid $ cash for this month's utilities.
e The owner, B Valdez, withdrew $ 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 $ cash for payment on a monthold account payable for office supplies.
Note: Enter debits before credits.
tableTransactionGeneral Journal,Debit,Credita
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.
tableReasontableThis transaction is a distribution of cash to the owner. Even though equity decreased, that decrease did not occur in the process ofproviding goods or services to customers.tableThis transaction decreased cash in settlement of a previously existing liability equity did not change Supplies expense is recordedwhen assets are used, not necessarily when cash is paid.tableThis transaction involves the purchase of an asset. The form of the company's assets changed, but total assets did not and neitherdid equity
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