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12 June, 15:53

ransactions for Pharoah Company for the month of June are presented below. June 1 Issues common stock to investors in exchange for $4,950 cash. 2 Buys equipment on account for $1,200. 3 Pays $600 to landlord for June rent. 12 Bills Wil Wheaton $730 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. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.

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  1. 12 June, 17:56
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    The journal entries are shown below:

    June 1

    Cash A/c Dr $4,950

    To Common stock A/c $4,950

    (Being cash is exchanged for common stock)

    June 2

    Equipment A/c Dr $1,200

    To Account payable A/c $1,200

    (Being equipment is purchased on credit)

    June 3

    Rent expenses A/c Dr $600

    To Cash A/c $600

    (Being rent expenses paid for cash)

    June 12

    Account receivables A/c Dr $730

    To Welding service revenue $730

    (Being work done is recorded)
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