Bearcat Construction begins operations in March and has the following transactions:
March 1 Issue common stock for $11,500.
March 5 Obtain $7,100 loan from the bank by signing a note.
March 10 Purchase construction equipment for $15,500 cash.
March 15 Purchase advertising for the current month for $1,100 cash.
March 22 Provide construction services for $16,100 on account.
March 27 Receive $11,100 cash on account from March 22 services.
March 28 Pay salaries for the current month of $4,100.
Required:
Record each transaction. The company uses the following accounts: Cash, Accounts Receivable, Equipment, Notes Payable, Common Stock, Service Revenue, Advertising Expense, and Salaries Expense. (If no entry is required for a transaction/event, enter "No Journal Entry Required" in the first account field.)
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Home » Business » Bearcat Construction begins operations in March and has the following transactions: March 1 Issue common stock for $11,500. March 5 Obtain $7,100 loan from the bank by signing a note. March 10 Purchase construction equipment for $15,500 cash.