Following are the transactions of Sustain Company. June 1 T. James, owner, invested $18,000 cash in Sustain Company in exchange for common stock.
2 The company purchased $11,000 of furniture made from reclaimed wood on credit.
3 The company paid $2,000 cash for a 12-month insurance policy on the reclaimed furniture.
4 The company billed a customer $10,000 in fees earned from preparing a sustainability report.
12 The company paid $11,000 cash toward the payable from the June 2 furniture purchase.
20 The company collected $10,000 cash for fees billed on June 4.
21 T. James invested an additional $17,000 cash in Sustain Company in exchange for common stock.
30 The company received $12,000 cash from a client for sustainability services for the next 3 months.

Required:
Prepare general journal entries for the above transactions.

Sustain Company

General Journal

June 1

Cash $18,000 (debit)

Common Stock $18,000 (credit)

Cash Received in Exchange of Common Stock

June 2

Furniture $11,000 (debit)

Accounts Receivable $11,000 (credit)

Furniture purchased on credit

June 3

Prepaid Insurance $2,000 (debit)

Cash $2,000 (credit)

Insurance paid in advance

June 4

Accounts Receivable $10,000 (debit)

Service Revenue $10,000 (credit)

Service rendered on credit

June 12

Accounts Payable $11,000 (debit)

Cash $11,000 (credit)

Payment made to suppliers

June 20

Cash $10,000 (debit)

Accounts Receivable $10,000 (credit)

Cash payment received from Accounts

June 21

Cash $17,000 (debit)

Common Stock $17,000 (credit)

Cash Received in Exchange for Common Stock

June 30

Cash $12,000  (debit)

Deferred Revenue $12,000 (credit)

Cash Received for the Services to be Rendered

Explanation:

See the journal Entries and Narrations that i have prepared above.

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