Transactions for Marquis Company for the month of June are presented next. Identify the accounts to be

Question:

Transactions for Marquis Company for the month of June are presented next. Identify the accounts to be debited and credited for each transaction.

June 1 Issues common stock to investors in exchange for $5,000 cash.

2 Buys equipment on account for $1,100.

3 Pays $500 to landlord for June rent.

12 Bills Jeff Gore $700 for welding work done.

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...