Prairie Park was started on April 1 by C. J. Amaro and associates. The following selected events
Question:
Prairie Park was started on April 1 by C. J. Amaro and associates. The following selected events and transactions occurred during April.
Apr. 1 Stockholders invested $51,853 cash in the business in exchange for common stock.
4 Purchased land costing $30,661 for cash.
8 Incurred advertising expense of $1,765 on account.
11 Paid salaries to employees $1,468.
12 Hired park manager at a salary of $4,221 per month, effective May 1.
13 Paid $1,670 cash for a one-year insurance policy.
17 Declared and paid a $1,988 cash dividend.
20 Received $6,608 in cash for admission fees.
25 Sold 130 coupon books for $50 each. Each book contains 10 coupons that entitle the holder to one admission to the park.
30 Received $9,751 in cash admission fees.
30 Paid $604 on balance owed for advertising incurred on April 8.
Amaro uses the following accounts: Cash, Prepaid Insurance, Land, Accounts Payable, Unearned Service Revenue, Common Stock; Dividends; Service Revenue, Advertising Expense, and Salaries and Wages Expense.
Journalize the April transactions. (Record entries in the order displayed in the problem statement. 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.)
Financial and managerial accounting
ISBN: 978-1118016114
1st edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso