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Transactions for Sheridan Company for the month of June are presented below.

June 1 Issues common stock to investors in exchange for $5,890 cash.

2 Buys equipment on account for $1,240.

3 Pays $670 to landlord for June rent.

12 Bills Wil Wheaton $880 for welding work done.

Journalize the transactions. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.)

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Answer:

The journal entries are as follows:

(i) On June 1,

Cash A/c Dr. $5,890

    To Owner's capital $5,890

(To record the issue of common stock)

(ii) On June 2,

Equipment A/c Dr. $1,240

       To Accounts payable  $1,240

(To record the purchase of equipment on account)

(iii) On June 3,

Rent Expense A/c Dr. $670

         To cash                      $670

(To record the payment of rent)

(iv) On June 12,

Account receivable A/c Dr. $880

          To service revenue            $880

(To record the service provided on account)

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