Question

Transactions for Sheridan Company for the month of June are presented below. June 1 Issues common stock to investors in exchange for $5,890 cash 2 Buys equipment on account for $1.240. 3 Pays $670 to landlord for June rent. 12 Sends Wil Wheaton a bill for $880 after completing welding work Journalize the transactions. (If no entry is required, select "No Entry" for the account titles and enter 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.) Date Account Titles and Explanation Debit Credit

Answer 1

Date	Account Title	Debit	Credit
June 1	Cash	5890
	Common stock		5890
	(To record proceeds from issue of common stock)
June 2	Equipment	1240
	Accounts Payable		1240
	(To record purchase of equipment)
June 3	Rent	670
	cash/bank		670
	(Rent paid for june month in june)
June 12	Accounts receivable	880
	Service revenue		880
	(Bill sent to party for collection)