Snyder Miniature Golf and Driving Range Inc. was opened on March 1 by Mickey Snyder. The following

Question:

Snyder Miniature Golf and Driving Range Inc. was opened on March 1 by Mickey Snyder. The following selected events and transactions occurred during March.
Mar. 1 Invested $60,000 cash in the business in exchange for common stock.
3 Purchased Michelle Wie’s Golf Land for $38,000 cash. The price consists of land
$10,000; building $22,000; and equipment $6,000. (Make one compound entry.)
5 Advertised the opening of the driving range and miniature golf course, paying advertising expenses of $1,600.
6 Paid cash $1,480 for a one-year insurance policy.
10 Purchased golf equipment for $2,500 from Young Company, payable in 30 days.
18 Received golf fees of $1,200 in cash.
25 Declared and paid a $1,000 cash dividend.
30 Paid wages of $900.
30 Paid Young Company in full.
31 Received $750 of fees in cash.
Snyder uses the following accounts: Cash, Prepaid Insurance, Land, Buildings, Equipment, Accounts Payable, Common Stock, Dividends, Service Revenue, Advertising Expense, and Salaries and Wages Expense.
Instructions
Journalize the March transactions. (Provide explanations for the journal entries.)

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  answer-question

Intermediate Accounting

ISBN: 978-0470587287

14th Edition

Authors: kieso, weygandt and warfield.

Question Posted: