Problem #1 LD Driving Range Inc. was opened on March 1 by Phil Woods. The following selected events and transactions occurred during March: Mar. 1 Invested $80,000 cash in the business in exchange for common shares. 3 Purchased Mickey Mickelson's Golf Land for $70,500 cash. The price consists of $2,500 for March rent that was already paid on a storage warehouse; land, $20,000; buildings, $32,000; and equipment, $16,000. 5 To advertise the new driving range, LD sponsored and paid for an open house costing $6,800. 6 Paid $2,400 cash for a one-year insurance policy. 10 Purchased golf equipment for $5,500 from Rory Ltd., payable in 30 days. 18 Earned fees of $3,700, which were billed on account. 25 Declared and paid a $1,500 cash dividend. 28 Incurred and paid salaries and wages expense of $1,900. 30 Paid rent for the month of April in the amount of $2,500. 31 Received fees of $750 related to a golf tournament that will take place in April. Woods uses the following accounts for his company: Cash; Prepaid Insurance; Prepaid Rent; Land; Buildings; Equipment; Accounts Payable; Unearned Revenue; Common Shares; Dividends; Service Revenue; Advertising Expense; Rent Expense; and Salaries and Wages Expense. Instructions a. Journalize the March transactions. b. Identify any adjusting entries that should be recorded before preparing nancial statements for the month of March