Answer
(a)June 01 Debit: Cash account 5000 Credit: Common Stock account 5000
(b) Debit: Property Plant and Equipment account 1,100 Credit: Cash account 100
(c) Debit: Rent Expense account 500 Credit: Cash Account 500
(d) Debit: Receivable account 700 Credit: Revenue account700
Work Step by Step
(a) Cash is received against stock issued
(b) Long-term asset is purchased for cash (it is assumed that cash was paid instantly)
(c) Rental Expense of $500
(d) Bill was sent, which means that cash is not yet received, so debit receivables account.
