Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Following are the transactions of Sustain Company. June 1 T. James, owner, invested $20,000 cash in Sustain Company in exchange for common stock. June 2
Following are the transactions of Sustain Company. June 1 T. James, owner, invested $20,000 cash in Sustain Company in exchange for common stock. 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 21T. James invested an additional $19,000cash in Sustain Company in exchange for common stock. 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. \begin{tabular}{|c|c|c|c|c|} \hline Date & \multicolumn{2}{|c|}{ General Journal } & Debit & Credit \\ \hline June 30 & & & & \\ \hline & & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular} Record entry Clear entry View general journal
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started