Question

Transactions for Cullumber Company for the month of June are presented below. June 1 Issues common stock to investors in exchange for $5,330 cash. 2 Buys equipment on account for $1,660. 3 Pays $890 to landlord for June rent. 12 Bills Wil Wheaton $600 for welding work done. Journalize the transactions. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)

Answer 1

I credit Date June & Debit $ 5,330 Account Titles and Explanation cash Common stock (To record common stock issued) $5,330 June 2 $1,660 Equipment Accounts payable (to record equipment purchased) $1,660 June 3 $ 890 Rent Expense cash (To record sent $ 890 paid) June 12. $ 600 Accounts Receivable Service Revenue To record bills for work done) $600