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.