Transactions for the Swifty Company, which provides welding services, for the month of June are presented below. June 1Swifty invests $4,250 cash in exchange for shares of common stock in a small welding business. 2Purchases equipment on account for $350. 3$830 cash is paid to landlord for June rent. 12Bills P. Leonard $410 after completing welding work done on account.

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Business

Bryan Hicks

20 March, 02:13

Transactions for the Swifty Company, which provides welding services, for the month of June are presented below. June 1Swifty invests $4,250 cash in exchange for shares of common stock in a small welding business. 2Purchases equipment on account for $350. 3$830 cash is paid to landlord for June rent. 12Bills P. Leonard $410 after completing welding work done on account.

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Marlon · Answer 1

1. June 1 Swifty invests $4,250 cash in exchange for shares of common stock in a small welding business.

2. June 2 Purchases equipment on account for $350.

3. June 3 $830 cash is paid to landlord for June rent.

4. June 12 Bills P. Leonard $410 after completing welding work done on account.

Journal Entries:

1.

June 1 Dr. Cr.

Investment $4,250

Cash $4,250

2.

June 2 Dr. Cr.

Equipment $350

Account Payable $350

3.

June 3 Dr. Cr.

Rent Expense $830

Cash $830

4.

June 12 Dr. Cr.

P. Leonard (Receivable) $410

Welding Service Revenue $410