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4 September, 17:57

Transactions for Jayne Company for the month of June are presented below. June 1 Issues common stock to investors in exchange for $5,000 cash. 2 Buys equipment on account for $1,100. 3 Pays $740 to landlord for June rent. 12 Sends Wil Wheaton a bill for $700 after completing welding work. Identify the accounts to be debited and credited for each transaction.

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  1. 4 September, 20:46
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    Account Debit ($) Credit ($)

    June 1:

    cash 5,000

    common stock Issue 5000

    June 2:

    Equipment 1,100

    Account payable 1,100

    June 3:

    Rent Expense 740

    Cash 740

    June 12:

    Service receivable 700

    Service Revenue 700

    Explanation:

    Given dа ta:

    June 1: Common stock to investors in exchange for $5,000 cash

    June 2: Buys equipment on account for $1,100

    June 3; pays $740 to landlord for June rent

    June 12:Sends Wil Wheaton a bill for $700

    Solution:

    Account Debit ($) Credit ($)

    June 1:

    cash 5,000

    common stock Issue 5000

    June 2:

    Equipment 1,100

    Account payable 1,100

    June 3:

    Rent Expense 740

    Cash 740

    June 12:

    Service receivable 700

    Service Revenue 700
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