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5 October, 12:16

Transactions for the Monty Company, which provides welding services, for the month of June are presented below. June 1 Monthly invests $3, 910 cash in exchange for shares of common stock in a small welding business. 2 Purchases equipment on account for 340. 3 $760 cash is paid to landlord for June rent. 12 Bills P. Leonard $410 after completing welding work done on account. Journalize the transactions.

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  1. 5 October, 14:18
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    Transactions:

    1. June 1 Monthly invests $3, 910 cash in exchange for shares of common stock in a small welding business.

    2. June 2 Purchases equipment on account for 340.

    3. June 3 $760 cash is paid to landlord for June rent.

    4. June 12 Bills P. Leonard $410 after completing welding work done on account.

    Journal Entries:

    1.

    June 1 Dr. Cr.

    Investment $3,910

    Cash $3,910

    2.

    June 2 Dr. Cr.

    Equipment $340

    Account Payable $340

    3.

    June 3 Dr. Cr.

    Rent Expense $3,760

    Cash $3,760

    4.

    June 12 Dr. Cr.

    P. Leonard (Receivable) $410

    Welding Service Revenue $410
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