Following are the transactions of Sustain Company.June 1T. James, owner, invested $19,000 cash in Sustain...
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Following are the transactions of Sustain Company.
June 1T. James, owner, invested $19,000 cash in Sustain Company in exchange for common stock.June 2The company purchased $12,000 of furniture made from reclaimed wood on credit.June 3The company paid $2,200 cash for a 12-month prepaid insurance policy on the reclaimed furniture.June 4The company billed a customer $11,000 for sustainability services provided.June 12The company paid $12,000 cash toward the payable from the June 2 furniture purchase.June 20The company collected $11,000 cash for services billed on June 4.June 21T. James invested an additional $18,000 cash in Sustain Company in exchange for common stock.June 30The company received $13,000 cash in advance of providing sustainability services to a customer.Prepare general journal entries for the above transactions.
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