Question

In: Accounting

Identify the accounts to be debited and credited for each transaction

Transactions for the Tage oslo company for the month of June are presented below.Identify the accounts to be debited  and credited for each transaction

June 1  Tage oslo invests $5,000 cash in a small welding business of which he is the sole proprietor 

June 2 Purchases equipment on account for $2,400

June 3 $800 cash is paid to landlord for June rent

June 12 Sends a bill to J.Kronsnoble  for $300 for welding work performed on account

Solutions

Expert Solution

Date  Account Title & Explanation Debit$ Credit$
June 1 Cash A/C 5,000  
            To Common stock A/C   5,000
  (To record $5000 cash invest in exchange for shares)    
June 2 Equipment A/C 2,400  
              To Accounts payable A/C   2,400
  (To record equipment purchase on account)    
June 3 Rent Expense A/C 800  
                        To Cash A/C   800
  (To record cash paid to landlord for cash)    
June 12 Accounts Receivable A/C 300  
                 To Welding Revenue A/C   300
  (To record J.K.bill after completed welding work done on account)    

Answer to the above question clearly shown in explanation option

balaji rao answered 3 years ago
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