Transactions for the Sheldon Cooper Company, which provides welding services, for the month of June are presented

Question:

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.

Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on...