Ask Question
24 August, 21:25

Transactions for the Sheldon Cooper Company, which provides welding services for the month of June are presented below. Identify the accounts to be debited and cred ited for each transaction. June 1 Sheldon Cooper invests $4,000 cash in exchange for shares of common stock in a small welding business. 2 Purchases equipment on account for $1,200. 3 $800 cash is paid to landlord for June rent. 12 Bills P. Leonard $300 for welding work done on account. BE2-3 Using the data in BE2-2, journalize the transactions. (You may omit explanations

+4
Answers (1)
  1. 25 August, 00:53
    0
    June 01: Invest cash for stock

    Debited - cash

    Credited - common stock capital

    June 02: Equipment purchased on account

    Debited - Equipment

    Credited - Accounts Payable

    June 03: paid rent

    Debited - Rent expense

    Credited - Cash account

    June 13; Work done on account

    Debited - Accounts receivable

    Credited - Service revenue

    The Journal entries are as follows:

    On June 1,

    Cash account A/c Dr. $4,000

    To common stock capital $4,000

    (To record the Invest cash for stock)

    On June 2,

    Equipment A/c Dr. $1,200

    To Accounts Payable $1,200

    (To record the Equipment purchased on account)

    On June 3,

    Rent expense A/c Dr. $800

    To Cash account $800

    (To record the rent paid)

    On June 12,

    Accounts receivable A/c Dr. $300

    To Service revenue $300

    (To record the work done on account)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Transactions for the Sheldon Cooper Company, which provides welding services for the month of June are presented below. Identify the ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers