Four Oaks Miniature Golf and Driving Range Inc. was opened on March 1 by Tiger Woodley. These selected events and transactions occurred during March.

Mar. 1 Stockholders invested $50,000 cash in the business in exchange for common stock of the corporation.

3 Purchased Arnie’s Golf Land for $38,000 cash. The price consists of land $23,000, building $9,000, and equipment $6,000. (Record this in a single entry.)

5 Advertised the opening of the driving range and miniature golf course, paying advertising expenses of $1,600 cash.

6 Paid cash $2,400 for a 1-year insurance policy.

10 Purchased golf clubs and other equipment for $4,700 from Golden Bear Company, payable in 30 days.

18 Received golf fees of $1,200 in cash from customers for golf fees earned.

19 Sold 100 coupon books for $25 each in cash. Each book contains ten coupons that enable the holder to play one round of miniature golf or to hit one bucket of golf balls.

25 Paid a $500 cash dividend.

30 Paid salaries of $700.

30 Paid Golden Bear Company in full for equipment purchased on March 10.

31 Received $800 in cash from customers for golf fees earned.

The company uses these accounts: Cash, Prepaid Insurance, Land, Buildings, Equipment, Accounts Payable, Unearned Golf Revenue, Common Stock, Retained Earnings, Dividends, Golf Revenue, Advertising Expense, and Salaries Expense.

Instructions

Journalize the March transactions, including explanations.