Exercise $2-8($Algo$)$ Preparing journal entries LO A$1$

Following are the transactions of Sustain Company.

June $1$ T$.$ James, owner, invested $$15,000$ cash in Sustain Company in exchange for common stock.

June $2$ The company purchased $$8,000$ of furniture made from reclaimed wood on credit.

June $3$ The company paid $$1,400$ cash for a $12-$month prepaid insurance policy on the reclaimed furniture.

June $4$ The company billed a customer $$7,000$ for sustainability services provided.

June $12$ The company paid $$8,000$ cash toward the payable from the June $2$ furniture purchase.

June $20$ The company collected $$7,000$ cash for services billed on June $4.$

June $21$ T$.$ James invested an additional $$14,000$ cash in Sustain Company in exchange for common stock.

June $30$ The company received $$9,000$ cash in advance of providing sustainability services to a customer.

Prepare general journal entries for the above transactions.

Journal entry worksheet

$1$

$2$

$3$

$4$

$5$

$6$

$7$

$8$

T$.$ James, owner, invested $$15,000$ cash in Sustain Company in exchange for common stock.

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[$June $01,,,]]$