Prepare general journal entries for the following transactions of Sustain Company. Use the following (partial) chart of
Question:
Prepare general journal entries for the following transactions of Sustain Company. Use the following (partial) chart of accounts: Cash; Prepaid Insurance; Accounts Receivable; Furniture; Accounts Payable; Unearned Revenue; Fees Earned;and T. James, Capital.
Transcribed Image Text:
T. James, owner, invested $11,000 cash in Sustain Company. June 1 The company purchased $4,000 of furniture made from reclaimed wood on credit. The company paid $600 cash for a 12-month insurance policy on the reclaimed furniture. The company billed a customer $3,000 in fees earned from preparing a sustainability report. The company paid $4,000 cash toward the payable from the June 2 furniture purchase. The company collected $3,000 cash for fees billed on June 4. 2 3 4 12 20 30 The company received $5,000 cash from a client for sustainability services for the next 3 months.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 80% (10 reviews)
June 1 Cash 11000 T James Capital 11000 Owner invests cash in business 2Furniture ...View the full answer
Answered By
Sagar Kumar
I am Mechanical Engineer with CGPA of 3.98 out of 4.00 from Pakistan. I went to Government Boys Degree College, Sehwan for high school studies.
I appeared in NUST Entrance Exam for admission in university and ranked #516. My mathematics are excellent and I have participated in many math competitions and also won many of them. Recently, I participated in International Youth Math Challenge and was awarded with Gold Honor. Now, I am also an ambassador at International Youth Math Challenge,
I have been teaching when I was in 9th class class year 2012. I have taught students from 6th class to university level.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Related Video
A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
Students also viewed these Business questions
-
Describe the four basic forms of business organization and their key attributes.
-
Comparative data extracted from the general purpose financial statements and notes thereto of Express Delivery Ltd are presented below: EXPRESS DELIVERY LTD Comparative Statements of Profit or Loss...
-
The comparative financial statements of Stratum Ltd are shown below and on the next page. STRATUM LTD Comparative Statements of Profit or Loss for the years ended 30 June ($000) Note 2017 2016...
-
In programming challenge 8 of chapter 3, you created an application that converts celsius temperatures to fahrenheit. recall that the formula for performing this conversion isf = 1.8 * c + 32in the...
-
Consider the camera flash in Problem 21. If the flash really discharges according to Eq. (18-26), then it takes an infinite amount of time to discharge. When Problem 21 assumes that the capacitor...
-
If you enter the data from Exercise 1 into a machine and it returns a y value of 20 when x = 2:5, should you trust the machine? Justify your answer. Data From Exercise 1 Find the equation y = 0 + 1...
-
This appeal involves the validity of a will executed in contravention of an earlier contract to make mutual wills. A husband and wife signed a contract to make mutual wills and then executed those...
-
Listed below are the transactions of Yasunari Kawabata, D.D.S., for the month of September. Sept. 1 Kawabata begins practice as a dentist and invests $20,000 cash. 2 Purchases dental equipment on...
-
Unpolarized sunlight goes through two pairs of sunglasses. The second pair is oriented 20 o respect to the first. What is the exiting intensity in terms of the initial intensity I0?
-
Complete the method named charsearch in the class definition for Listops that will search the object attribute xlist (a list of strings) and return the number of strings that begin with the input...
-
On December 31, Hawkins records show the following accounts. Use this information to prepare a December income statement for Hawkin. Equipment . Accounts receivable....... 600 16,000 6,000 Wages...
-
Access the SEC EDGAR database (SEC.gov) and retrieve Apples 2017 10-K (filed November 3, 2017). Identifyits auditor. What responsibility does its independent auditor claim regarding Apples financial...
-
Consider a simultaneous game in which both players choose between the actions Cooperate, denoted by C, and Defect, denoted by D. A: Suppose that the payoffs in the game are as follows: If both...
-
What factors underlie the preference for basic dyes over alternative staining agents when staining bacterial specimens, considering their chemical properties and affinity for bacterial structures?
-
Nimit is self-employed. He operates a business that rents electric bikes by the hour. During the current year, Nimit had rental income of $115,000. Where is Nimit's rental income reported on his tax...
-
Gary sells a machine for $20,000 that he had originally purchased for $50,000. The accumulated depreciation at the time of the sale was $40,000. What is Gary's realized gain?
-
Mr. and Mrs. B file a joint income tax return. Mr. B owns and operates a grocery store that had a net income of $15,000 in 2021. Mrs. B is a self-employed physical therapist, and her net income was...
-
A concentrated brine solution (aqueous sodium chloride) contains magnesium as an impurity. A membrane with surface area 106 m is used to remove 75% of the impurity, but also removes some sodium...
-
The end of the coaxial cable AE is attached to the pole AB, which is strengthened by the guy wires AC and AD. Knowing that the tension in wire AC is 120 lb, determine (a) The components of the force...
-
Periwinkle Company is a multinational organization. Its Parts Division is located in Lavender Land, while its Assembly Division is located in North Orchid. During the current year Periwinkle Companys...
-
General Ledger (GL) Assignments expose students to general ledger software similar to that in practice. GL is part of Connect, and GL assignments are auto-gradable and have algorithmic options. For...
-
Read the Statement of Ethical Professional Practice posted at IMAnet.org. (Under Career Resources, select Ethics Center, and then select IMA Statement of Ethical Professional Practice.) What four...
-
How does the cost of goods manufactured schedule relate to the income statement?
-
Provide the strengths and weakness of each of the theories of substance use disorders genetic, disease, moral, etc. What are the implications of each theory in an individual's pursuit of recovery...
-
highest mount you can ow finance 2. We sometimes need to find how long it will take a sum of money (or anything else) to grow to some specified amount. Note that you should enter PV as a negative and...
-
11. Selected information for Blake's Restaurant Supply follows. ($ millions) 2020 2021 Net sales 694 782 Cost of goods sold 450 502 Depreciation 51 61 Net income 130 142 Finished goods inventory 39...
Study smarter with the SolutionInn App