FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question
Question 1
Following are the transactions of Sustain Company. June 1 T. James, owner, invested $21,000 cash in Sustain Company in exchange for common stock. June 2 The company purchased $14,000 of furniture made from reclaimed wood on credit. June 3 The company paid $2,600 cash for a 12-month prepaid insurance policy on the reclaimed furniture. June 4 The company billed a customer $13,000 for sustainability services provided. June 12 The company paid $14,000 cash toward the payable from the June 2 furniture purchase. June 20 The company collected $13,000 cash for services billed on June 4. June 21 T. James invested an additional $20,000 cash in Sustain Company in exchange for common stock. June 30 The company received $15,000 cash in advance of providing sustainability services to a customer. Prepare general journal entries for the above transactions. Answer is not complete. Debit Credit No Date General Journal Cash 21,000 O June 01 14,000 2 June 02 Furniture 2,600 3 June 03 Prepaid insurance
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Transcribed Image Text:Following are the transactions of Sustain Company. June 1 T. James, owner, invested $21,000 cash in Sustain Company in exchange for common stock. June 2 The company purchased $14,000 of furniture made from reclaimed wood on credit. June 3 The company paid $2,600 cash for a 12-month prepaid insurance policy on the reclaimed furniture. June 4 The company billed a customer $13,000 for sustainability services provided. June 12 The company paid $14,000 cash toward the payable from the June 2 furniture purchase. June 20 The company collected $13,000 cash for services billed on June 4. June 21 T. James invested an additional $20,000 cash in Sustain Company in exchange for common stock. June 30 The company received $15,000 cash in advance of providing sustainability services to a customer. Prepare general journal entries for the above transactions. Answer is not complete. Debit Credit No Date General Journal Cash 21,000 O June 01 14,000 2 June 02 Furniture 2,600 3 June 03 Prepaid insurance
June 21 T. James invested an additional $20,000 cash in Sustain Company in exchange for common stock. June 30 The company received $15,000 cash in advance of providing sustainability services to a customer. Prepare general journal entries for the above transactions. X Answer is not complete. No Date General Journal Debit Credit June 01 Cash 21,000 O June 02 Furniture 14,000 June 03 Prepaid insurance 2,600 O 4 June 04 Accounts receivable 13,000 June 12 Accounts payable 14,000 June 20 Cash 13,000 7 June 21 Cash 20,000 8 June 30 Cash 15,000
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Transcribed Image Text:June 21 T. James invested an additional $20,000 cash in Sustain Company in exchange for common stock. June 30 The company received $15,000 cash in advance of providing sustainability services to a customer. Prepare general journal entries for the above transactions. X Answer is not complete. No Date General Journal Debit Credit June 01 Cash 21,000 O June 02 Furniture 14,000 June 03 Prepaid insurance 2,600 O 4 June 04 Accounts receivable 13,000 June 12 Accounts payable 14,000 June 20 Cash 13,000 7 June 21 Cash 20,000 8 June 30 Cash 15,000
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Step 1

Introduction:

Journals:

Recording of a business transactions in a chronological order.

First step in the preparation of final accounts is recording journals.

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