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3 years ago

Following are the transactions of Sustain Company.

Business

1 answer:

Dennis_Churaev [7]3 years ago

5 0

Answer:

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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3 years ago

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2 years ago

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Answer:

1. I feel like Pat's new strategy isn't ethical. Pat doesn't pay for the suits; he just buys them and then returns them. Pat benefits, but the store he gets the suits from doesn't. In fact, they are harmed from this transaction because they are unable to have the suit for others to buy while Pat has it. There could be consequences with this strategy. For example, the suit might be damaged, and Pat won't be able to return it. Another problem is that others might find out about Pat's strategy, and they might view them as unprofessional. This is a problem for Pat since the reason Pat wore those suits was to look professional.

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Explanation:

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