Question

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

June:
1 Issues common stock to investors in exchange for $5,000 cash.
2 Buys equipment on account for $1,100.
3 Pays $740 to landlord for June rent.
12 Sends Wil Wheaton a bill for $700 after completing welding work.

Required:
Journalize the transaction.

Answer 1

June 1

Debit : Cash $5,000

Credit : Common Stock $5,000

June 2

Debit : equipment $1,100

Credit : account payable $1,100

Step-by-step explanation:

Journalize the transaction.