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Answer:
The Journal entry for each of the transaction is as follows:
(i) On June 1,
Cash A/c Dr. $5,000
To Oleg Thorn's capital A/c $5,000
(To record the capital invested)
(ii) On June 2,
Equipment A/c Dr. $3,600
To accounts payable $3,600
(To record the purchase of equipment on account)
(iii) On June 3,
Rent Expense A/c Dr. $800
To cash A/c $800
(To record the rent paid)
(iv) On June 12,
Accounts receivable - K. Johnsen A/c Dr. $400
To service revenue $400
(To record the service revenue)
The accounts to be debited and credited for each transaction is as follows:
(i) On June 1,
Debit = Cash and Credit = Oleg Thorn's capital
(ii) On June 2,
Debit = Equipment and Credit = accounts payable
(iii) On June 3,
Debit = Rent Expense and Credit = cash
(iv) On June 12,
Debit = Accounts receivable - K. Johnsen and Credit = service revenue
The identification of the accounts to be debited or credited for each transaction for the Oleg Thorn Company for the month of June is as follows:
Date Debited Accounts Credit Accounts
June 1 Cash $5,000 Capital, Thorn $5,000
June 2 Equipment $3,600 Accounts Payable $3,600
June 3 Rent Expense $800 Cash $800
June 12 Accounts Receivable $400 Service Revenue $400
What is the system of accounting used here?
The accounting system in use here is the double-entry system.
Using the double-entry system, each transaction is recorded more than in one account. One account is debited (as the receiver of value) while the other is credited (as the giver of value).
Transaction Analysis:
June 1 Cash $5,000 Capital, Thorn $5,000
June 2 Equipment $3,600 Accounts Payable $3,600
June 3 Rent Expense $800 Cash $800
June 12 Accounts Receivable $400 Service Revenue $400
Learn more about the double-entry system of accounting at https://brainly.com/question/14592835
