Check Exercise 2-11A Record transactions (LO2-4) Bearcat Construction begins operations in March and has the following transactions. March 1 Issue common stock for $21,000. March 5 Obtain 59,000 loan from the bank by signing a note. March 10 Purchase construction equipment for $25,000 cash. March 15 Purchase advertising for the current month for $1,100 cash. March 22 Provide construction services for $18,000 on account. March 27 Receive $13,000 cash on account from March 22 services. March 28 Pay salaries for the current month of $6,000. Required: Record each transaction. Bearcat 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, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 2 3 4 5 6 7 Journal entry worksheet < 1 2 3 4 5 6 7 Issue common stock for $21,000. Note: Enter debits before credits. Date March 01 General Journal Debit Credit Record entry Clear entry View general journal Required information Exercise 2-13A Correct recorded transactions (LO2-4) [The following information applies to the questions displayed below] Below are several transactions for Crimson Tide Corporation. A junior accountant, recently employed by the company, proposes to record the following transactions. External Transaction Accounts Debit Credit 1. Pay cash dividends of $800 to stockholders. Cash 800 Dividends 800 2. Provide services on account for customers, $3,400, Cash 3,400 Service Revenue 3,400 3 Pay a $500 utilities bill for the current period. Utilities Expense Cash 500 500 A. Receive cash of $400 from previously billed customers. Cash 400 Service Revenue 400 5. Pay for supplies previously purchased on account, $1,200. Supplies Expense Cash 1,200 1,200 Exercise 2-13A Part 1 Required: 1. Assess whether the proposed entries are correct or incorrect. External Transaction 1. 2. 3. 4. 5. Required information Exercise 2-13A Correct recorded transactions (LO2-4) [The following information applies to the questions displayed below.) Below are several transactions for Crimson Tide Corporation. A junior accountant, recently employed by the company, proposes to record the following transactions. External Transaction 1. Pay cash dividends of $800 to stockholders. Accounts Debit Credit Cash 800 Dividends 800 2. Provide services on account for customers, $3,400. Cash 3,400 Service Revenue 3,400 3. Pay a $500 utilities bill for the current period. Utilities Expense 500 Cash 500 4. Receive cash of $400 from previously billed customers. Cash 400 Service Revenue 400 5. Pay for supplies previously purchased on account, $1,200. Supplies Expense Cash 1,200 1,200 Required information 2. Provide a correct entry for each of the transactions classified as incorrect. (If no entry is required to correct a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 5 Pay cash dividends of $800 to stockholders. Note: Enter debits before credits. Transaction General Journal Debit Credit Required information Journal entry worksheet < 1 2 3 4 5 Pay cash dividends of $800 to stockholders. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit Record entry Clear entry View general journal