Sage Hill Inc. was opened on March 1 by Phil Woods. The following selected events and...

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Sage Hill Inc. was opened on March 1 by Phil Woods. The following selected events and transactions occurred during March: March 1 Invested $79,400 cash in the business in exchange for common shares. 3 Purchased Mickey Mickelson's Golf Land for $69,220 cash. The price consists of $2,420 for March rent (use prepaid account) that was already paid on a storage warehouse; land, $22,000; buildings, $31,200; and equipment, $13,600. 5 6 10 18 25 Declared and paid a $1,440 cash dividend. 30 Incurred and paid salaries and wages expense of $2,130. 30 Paid rent for the month of April in the amount of $2,560. 31 Received fees of $820 related to a golf tournament that will take place in April. To advertise the new driving range, Sage Hill sponsored and paid for an open house costing $6,700. Paid $2,460 cash for a one-year insurance policy. Purchased golf equipment for $5,360 from Cheyenne Corp., payable in 30 days. Earned fees of $3,720, which were billed on account. Mar. 1 (a) Journalize the March transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.) Account Titles and Explanation Cash Date Debit 79400 Credit Sage Hill Inc. was opened on March 1 by Phil Woods. The following selected events and transactions occurred during March: March 1 Invested $79,400 cash in the business in exchange for common shares. 3 Purchased Mickey Mickelson's Golf Land for $69,220 cash. The price consists of $2,420 for March rent (use prepaid account) that was already paid on a storage warehouse; land, $22,000; buildings, $31,200; and equipment, $13,600. 5 6 10 18 25 Declared and paid a $1,440 cash dividend. 30 Incurred and paid salaries and wages expense of $2,130. 30 Paid rent for the month of April in the amount of $2,560. 31 Received fees of $820 related to a golf tournament that will take place in April. To advertise the new driving range, Sage Hill sponsored and paid for an open house costing $6,700. Paid $2,460 cash for a one-year insurance policy. Purchased golf equipment for $5,360 from Cheyenne Corp., payable in 30 days. Earned fees of $3,720, which were billed on account. Mar. 1 (a) Journalize the March transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.) Account Titles and Explanation Cash Date Debit 79400 Credit

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Journal Entries Date Accounts title and explanations Debit Credit 1Mar Cash 7940000 Co... View the full answer