Question

Transactions for the Sheldon Cooper Company, which provides welding services, for the month of June are presented below. Sheldon Cooper invests $4,000 cash in exchange for shares of common stock in a small welding business. Purchases equipment on account for $1.200. 3 $800 cash is paid to landlord for June rent. Bills P. Leonard $300 after completing welding work done on account June 1 2 12 Identify the accounts to be debited and credited for each transaction. Account Debited Account Credited June 1 V 2 3 < 12 e Textbook and Media Save for Later Attempts: 0 of 3 used Submit Answer

Answer 1

				Account	Account
				Debited	Credited
June 01 Invest cash for stock		Cash	Common Stock capital
June 02 Equipment purchased on account	Equipment	Accounts Payable
June 03 paid rent			Rent expense	Cash account
June 13 Work done on account		Accounts receivable	Service revenue
Journal entries:
Date	Accounts title and explanations		Debit $	Credit $
1-Jun	Cash account			4000
	Common Stock capital			4000
2-Jun	Equipment			1200
	Accounts payable				1200
3-Jun	Rent expenses			800
	Cash account				800
12-Jun	Accounts receivable			300
	Service revenue				300