Question

 Following are the transactions of Sustain Company.

 June 1 T. James, owner, invested $17,000 cash in Sustain Company in exchange for common stock.

 2 The company purchased $10, 000 of furniture made from reclaimed wood on credit.

 3 The company paid $1, 800 cash for a 12-month insurance policy on the reclaimed furniture.

 4 The company billed a customer $9, 000 in fees earned from preparing a sustainability report.

 12 The company paid $10, 000 cash toward the payable from the June 2 furniture purchase.

 20 The company collected $9, 000 cash for fees billed on June 4.

 21 T.James invested an additional $16, 000 cash in Sustain Company in exchange for common stock.

 30 The company received $11, 000 cash from a client for sustainability services for the next 3 months.

 Prepare general journal entries for the above transactions.

Answer 1

		Dr	Cr
Jun-01	Cash	17000
	Common Stock T. James		17000
	(invested $17000 as capital contribution)
Jun-02	Furniture	10000
	Account Payable		10000
	(purchased furniture on credit)
Jun-03	Prepaid Insurance	1800
	Cash		1800
	(Cash Paid for 12 month insurance)
Jun-04	Account Receivable	9000
	Sales		900
	(Billed customer )
Jun-12	Account Payable	10000
	Cash		10000
	(cash paid to reclaimed wood)
Jun-20	Cash	9000
	Account Receivable		9000
	(cash collected form customer)
Jun-21	Cash	16000
	Common Stock T. James		16000
	(addition capital contribution)
Jun-30	Cash	11000
	Unearned Income		11000
	(received advance for service to be performed)