Business, 16.06.2020 21:57 aidenmanpig

Bearcat Construction begins operations in March and has the following transactions. March 1: Issue common stock for $15 , 000.
March 5: Obtain $7 , 800 loan from the bank by signing a note.
March 10: Purchase construction equipment for $19 , 000 cash.
March 15 Purchase advertising for the current month for $1, 000 cash.
March 22 Provide construction services for $16 , 800 on account.
March 27 Receive $11, 800 cash on account from March 22 services .
March 28 Pay salaries for the current month of $4, 800.

Required:
Record each transaction.

Answers: 2

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Answers

Answer from: maddyr04

Mar 1 Cash 15000 Dr

Common Stock 15000 Cr

Mar 5 Cash 7800 Dr

Note Payable 7800 Cr

Mar 10 Equipment Account 19000 Dr

Cash 19000 Cr

Mar 15 Advertising expense 1000 Dr

Cash 1000 Cr

Mar 22 Accounts Receivables 16800 Dr

Service Revenue 16800 Cr

Mar 27 Cash 11800 Dr

Accounts Receivable 11800 Cr

Mar 28 Salaries Expense 4800 Dr

Cash 4800 Cr

Explanation:

Mar 1 The issuance of common stock will bring in cash so cash account will be debited and common stock, which is capital, will be credited.

Mar 5 The notes signed is a liability and will be credited as liability increases and the cash received will be debited.

Mar 10 The purchase of equipment against cash is an increase in equipment which is an asset so it will be debited and cash will be credited

Mar 15 The advertising is an expense and as it is increasing it will be debited and cash will be credited.

Mar 22 The provision of services on account will increase accounts receivable and service revenue. The revenue will be credited and receivables, which are asset will be debited.

Mar 27 The receipt of cash against receivables will be debited as cash increases and credited in receivables account.

Mar 28 The payment of salaries is an expense.

Answer from: Quest

it id the first and last option

Answer from: Quest

decentralization can the employees to get more involved in the business decision making

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Bearcat Construction begins operations in March and has the following transactions. March 1: Issue...

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