Answer:
March 1 Issue common stock for $11,500.
Debt Cash account $11,500
Credit Common stock $11,500
Being entries to record the receipt of cash from the issuance of stock
March 5 Obtain $7,100 loan from the bank by signing a note.
Debit Cash account $7,100
Credit Note payable $7,100
Being entries to record loan from bank
March 10 Purchase construction equipment for $15,500 cash.
Debit Fixed assets $15,500
Credit Cash account $15,500
Being entries to record the purchase of equipment
March 15 Purchase advertising for the current month for $1,100 cash.
Debit Advertising expense $1,100
Credit Cash account $1,100
Being entries to record advertising expense for the month
March 22 Provide construction services for $16,100 on account.
Debit Accounts receivable $16,100
Credit Service Revenue $16,100
Being entries to record the revenue from construction services
March 27 Receive $11,100 cash on account from March 22 services.
Debit Cash accounts $11,100
Credit Accounts receivable $11,100
Being entries to record cash collected
March 28 Pay salaries for the current month of $4,100.
Debit Salaries expense $4,100
Credit Cash account $4,100
Being entries to record salaries expense paid.
Step-by-step explanation:
Assets are debited when there there is an increase. The same also applies to expense. Increase in liabilities, common stock and income are accounted for by posting a credit entry to the account affected.
When assets decrease, credit entries are posted to it. The same also applies to expense. while debits to liabilities, equity and income is for a decrease in the account.