CALCULATOR MES Brief Exercise 2-2 Transactions for the Tage Oslo Company for the

Question

CALCULATOR MES Brief Exercise 2-2 Transactions for the Tage Oslo Company for the month of June are presented below. June 1 Tage Oslo invests $5,000 cash in a small welding business of which he is the sole proprietor. 2 Purchases equipment on account for $2,400. 3 $800 cash is paid to landlord for June rent. 12 Sends a bill to J. Kronsnoble for $300 for welding work performed on account. Identify the accounts to be debited and credited for each transaction. Account Debited Account Credited June 1 12 LINK TO TEXT I 2

Explanation / Answer

Account Debited Account Credited June 1 Cash Capital 2 Equipment Accounts Payable 3 Rent Expense Cash 12 Accounts Receivable Service Revenue

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