You will notice that in order to save you some time, I have already completed the template for you to use for the Transactions problem. You will need to create the general journal entry, post to the T-Accounts, and then create the Income Statement and Balance Sheet once you have completed all of the transactions.

CREATE A JOURNAL ENTRY FOR EACH LETTER, POST TO a "T" account for each.

a. 10/1/2021 T. James, the owner, invested $11,000 cash Cash 101 Accts Pay 201 Stock 307 Services 403 Rent Exp 601 into Sustain, Inc. in exchange for common stock.

B. 0/1/2021 The company purchased on account, $4,000 of furniture; the useful life is 5 years with a salvage value of $500. Straight-line depreciation method is used for GAAP depreciation Unearned 250 Insurance Exp 603

C. 10/1/2021 The company paid $600 cash for a 12-month insurance policy.

D. 10/1/2021 The company received $5,000 in advance for services to be provided over the next five months.

E. 10/4/2021 The company billed a customer $3,000 for services provided.

F. 10/12/2021 The company paid $2,000 cash for payment on account for the furniture purchased in b.

G. g. 10/20/2021 The company collected $1,000 on account from customers in E.

H. 10/21/2021 Paid $900 cash for the monthly rent of the office space.

I. 10/31/2021 Recorded the insurance usage adjusting entry based upon the information found in c. Accum Depr 164 - J. 10/31/2021 Recorded the revenue earned adjusting entry based upon the information found in d. -

K. 10/31/2021 Recorded the depreciation adjusting entry based information found in b. (you will need to look ahead to Chapter 13 in order to calculate this transaction)