Answer:
Explanation:
The full accounting entries relating to the above are:
Debit Cash $5,000
Credit Common stock $5,000
(Recognize common stock issuance)
Debit Equipment $1,100
Credit Accounts payable $1,100
(Purchase of equipment on account)
Debit Rent expense $740
Credit Cash $740
(June rent payment)
Debit Accounts receivable $700
Credit Service revenue $700
(Welding work for Will Wheaton)