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In: Accounting

Transactions for the Concord Company, which provides welding services, for the month of June are presented...

Transactions for the Concord Company, which provides welding services, for the month of June are presented below.

June 1 Concord invests $4,690 cash in exchange for shares of common stock in a small welding business.
2 Purchases equipment on account for $1,610.
3 $730 cash is paid to landlord for June rent.
12 Bills P. Leonard $500 after completing welding work done on account.


Journalize the transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Solutions

Expert Solution

Journal Entries
Date Account Titles and Explanations Debit Credit
Jun. 1 Cash $4,690
   Common Stock $4,690
(To record the cash invested into the business)
Jun. 2 Equipment $1,610
   Accounts Payable $1,610
(To record the purchase of equipment on account)
Jun. 3 Rent Expense $730
   Cash $730
(To record the payment of rent)
Jun. 12 Accounts Receivable $500
   Service Revenue $500
(To record the services provided on account)

ekkarill92 answered 2 years ago
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