Bearcat Construction begins operations in March and has the following transactions. March 1 Issue common stock for $11,000.
March 5 Obtain $7,000 loan from the bank by signing a note.
March 10 Purchase construction equipment for $15,000 cash.
March 15 Purchase advertising for the current month for $1,200 cash.
March 22 Provide construction services for $16,000 on account.
March 27 Receive $11,000 cash on account from March 22 services.
March 28 Pay salaries for the current month of $4,000.
Required:
Record each transaction. Bearcat uses the following accounts:
Cash,
Accounts Receivable,
Notes Payable,
Common Stock,
Service Revenue,
Advertising Expense, and Salaries Expense.

Date   Account Titles & Explanations        Debit        Credit

1 Mar   Cash                                                  $11,000

                Common stock                                              $11,000

           (Issue of common stock)

5 Mar  Cash                                                   $7,000

                Notes payable                                                $7,000

            (Issue of notes payable recorded)

10 Mar  Equipment                                        $15,000

                 Cash                                                               $15,000

            (Purchase of equipment recorded)

15 Mar  Advertising expenses                       $1,200

                 Cash                                                               $1,200

            (Advertising expenses recorded)

22 Mar  Account receivables                        $16,000

                  Service revenue                                           $16,000

             (Service revenue recorded)

27 Mar  Cash                                                   $11,000

                  Account receivable                                       $11,000

             (Cash receipt for customers recorded)

28 Mar  Salaries expenses                              $4,000

                  Cash                                                                $4,000

              (Salaries expenses recorded)

disadvantages of leasing a vehicle: no vehicle equity and mileage limitations

disadvantages of purchasing a vehicle: large down payment and vehicle depreciation

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