Answer:
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 Data:
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
To Identify the accounts to be debited and credited for each of the transaction simply means to indicate the receiver and the giver, which means that the receiver will be debited and the giver will be credited.
.The accounts to be debited and credited for each transaction are:
June 1
Debit Cash, Credit Common stock
June 2
Debit Equipment, Credit Accounts payable
June 3
Debit Rent expense, Credit Cash
June 12
Debit Accounts receivable, Credit Service revenue
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