Forte Disc Golf Course was opened on March 1 by Matt Forte. The following selected events and transactions occurred during March.
Mar. 1 Invested $20,000 cash in the business.
3 Purchased Heeren’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 Innova Company payable in 30 days.
18 Received $1,100 in cash for golf fees earned (Forte 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 Innova Company in full.
31 Received $2,100 cash for fees earned.
Matt Forte 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.