Transactions for the Tage Oslo Company for the month of June are presented below.

June 1Tage Oslo invests $5,000 cash in a small welding business of which he is the sole proprietor.2Purchases equipment on account for $2,400.3$800 cash is paid to landlord for June rent.12Sends 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

Equipment

Cash

Investment

Depreciation Expense

Accounts Receivable

Rent Revenue

Owner's Capital

Accounts Payable

Rent Expense

Service Revenue

Owner's Capital

Cash

Accounts Receivable

Equipment

Service Revenue

Depreciation Expense

Accounts Payable

Rent Expense

Rent Revenue

Investment

2

Rent Expense

Rent Revenue

Accounts Payable

Accounts Receivable

Equipment

Service Revenue

Investment

Cash

Depreciation Expense

Owner's Capital

Cash

Depreciation Expense

Accounts Payable

Rent Expense

Equipment

Investment

Accounts Receivable

Service Revenue

Owner's Capital

Rent Revenue

3

Equipment

Rent Expense

Service Revenue

Rent Revenue

Accounts Payable

Investment

Cash

Depreciation Expense

Accounts Receivable

Owner's Capital

Rent Expense

Service Revenue

Depreciation Expense

Owner's Capital

Accounts Receivable

Rent Revenue

Investment

Cash

Equipment

Accounts Payable

12