Answer:
General Journal
June 1
Cash $11,500 (debit)
Common Stock $11,500 (credit)
<em>Received Cash in exchange of common stock</em>
June 2
Furniture $4,500 (debit)
Accounts Payable $4,500 (credit)
<em>Purchased Furniture on credit</em>
June 3
Prepaid Insurance $700 (debit)
Cash $700 (credit)
<em>Paid Insurance in advance</em>
June 4
Accounts Receivable $3,500 (debit)
Fees Earned $3,500 (credit)
<em>Fees earned not yet paid</em>
June 12
Accounts Payable $4,500 (debit)
Cash $4,500 (credit)
<em>Payment made to suppliers</em>
June 20
Cash $3,500 (debit)
Accounts Receivable $3,500 (credit)
<em>Cash receipt from debtors</em>
June 21
Cash $10,500 (debit)
Common Stock $10,500 (credit)
<em>Received Cash In exchange of Common Stock</em>
June 30
Cash $5,500 (debit)
Deferred Revenue $5,500 (credit)
<em>Received Cash for services to be rendered</em>
Explanation:
See the journals and their narrations prepared above.