Question

McKay Disc Golf Course was opened on March 1 by Evan McKay. The following selected events and transactions occurred during March.
Mar. 1 Invested $20,000 cash in the business.
3 Purchased Sable’s Golf Land for $15,000 cash. The price consists of land
$12,000, shed $2,000, and equipment $1,000. (Make one compound entry.)
5 Paid advertising expenses of $700.
6 Paid cash $600 for a one-year insurance policy.
10 Purchased golf discs and other equipment for $1,050 from Taylor Company payable in 30 days.
18 Received $1,100 in cash for golf fees (McKay records golf fees as service revenue).
19 Sold 150 coupon books for $10 each. Each book contains 4 coupons that enable the holder to play one round of disc golf.
25 Withdrew $800 cash for personal use.
30 Paid salaries of $250.
30 Paid Taylor Company in full.
31 Received $2,100 cash for golf fees.
McKay Disc Golf uses the following accounts: Cash, Prepaid Insurance, Land, Buildings, Equipment, Accounts Payable, Unearned Service Revenue, Owner’s Capital, Owner’s Drawings, Service Revenue, Advertising Expense, and Salaries and Wages Expense.

Instructions
Journalize the March transactions.



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  • CreatedJanuary 30, 2014
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