1. This information relates to Culver Real Estate Agency.

Oct. 1		Stockholders invest $30,240 in exchange for common stock of the corporation.
2		Hires an administrative assistant at an annual salary of $39,600.
3		Buys office furniture for $4,020, on account.
6		Sells a house and lot for E. C. Roads; commissions due from Roads, $10,440 (not paid by Roads at this time).
10		Receives cash of $140 as commission for acting as rental agent renting an apartment.
27		Pays $650 on account for the office furniture purchased on October 3.
30		Pays the administrative assistant $3,300 in salary for October.

Prepare the debit–credit analysis for each transaction. (If there is no transaction, then enter No Effect for the account and 0 for the amount.)

Oct. 1
Oct. 2
Oct. 3
Oct. 6
Oct. 10
Oct. 27
Oct. 30

2.

Whispering Winds’s Miniature Golf and Driving Range Inc. was opened on March 1 by Bob Dean. These selected events and transactions occurred during March.

Mar. 1		Stockholders invested $69,500 cash in the business in exchange for common stock of the corporation.
3		Purchased Snead’s Golf Land for $42,700 cash. The price consists of land $24,000, building $8,580, and equipment $10,120. (Record this in a single entry.)
5		Advertised the opening of the driving range and miniature golf course, paying advertising expenses of $1,630 cash.
6		Paid cash $4,950 for a 1-year insurance policy.
10		Purchased golf clubs and other equipment for $5,650 from Tahoe Company, payable in 30 days.
18		Received golf fees of $1,850 in cash from customers for golf services performed.
19		Sold 120 coupon books for $15 each in cash. Each book contains 10 coupons that enable the holder to play one round of miniature golf or to hit one bucket of golf balls. (Hint: The revenue should not be recognized until the customers use the coupons.)
25		Paid a $410 cash dividend.
30		Paid salaries of $740.
30		Paid Tahoe Company in full for equipment purchased on March 10.
31		Received $880 in cash from customers for golf services performed.

Journalize the March transactions. Whispering Winds’s records golf fees as service revenue. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)

Answer rating: 100% (QA)

ANS 1 for Culver Real Estate Agency DATE ACCOUNT OCT ... View the full answer