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.
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.
Chapter3: Analyzing And Recording Transactions
Section: Chapter Questions
Problem 19EB: A business has the following transactions: A. The business is started by receiving cash from an...
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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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