Transactions for the Sheldon Cooper Company, which provides welding services, for the month of June are presented below. Identify the accounts to be debited and credited for each transaction.
June 1 Sheldon Cooper invests $4,000 cash in exchange for shares of common stock in a small welding business.
2 Purchases equipment on account for $1,200.
3 $800 cash is paid to landlord for June rent.
12 Bills P. Leonard $300 for welding work done on account.