Pronghorn's Miniature Golf and Driving Range Inc. was opened on March 1 by Paul White. These...

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Pronghorn's Miniature Golf and Driving Range Inc. was opened on March 1 by Paul White. These selected events and transactions occurred during March. Mar. 1 Stockholders invested $52,000 cash in the business in exchange for common stock of the corporation. Purchased Snead's Golf Land for $39,520 cash. The price consists of land $23,920, building $9,360, and equipment $6,240. (Record this in a single entry.) Advertised the opening of the driving range and miniature golf course, paying advertising expenses of $1,248 cash. Paid cash $2,496 for a 1-year insurance policy. 10 Purchased golf clubs and other equipment for $5,720 from Tahoe Company, payable in 30 days. 18 Received golf fees of $1,664 in cash from customers for golf services performed. 19 Sold 104 coupon books for $32 each in cash, Each book contains 10 coupons that enable the holder to play one round of miniature golf or to hit one bucket of golf balls. (Hint: The revenue should not be recognized until the customers use the coupons.) 25 Paid a $520 cash dividend. 30 Paid salaries of $832. 30 Paid Tahoe Company in full for equipment purchased on March 10. 31 Received $936 in cash from customers for golf services performed. Pronghorn's Miniature Golf and Driving Range Inc. was opened on March 1 by Paul White. These selected events and transactions occurred during March. Mar. 1 Stockholders invested $52,000 cash in the business in exchange for common stock of the corporation. Purchased Snead's Golf Land for $39,520 cash. The price consists of land $23,920, building $9,360, and equipment $6,240. (Record this in a single entry.) Advertised the opening of the driving range and miniature golf course, paying advertising expenses of $1,248 cash. Paid cash $2,496 for a 1-year insurance policy. 10 Purchased golf clubs and other equipment for $5,720 from Tahoe Company, payable in 30 days. 18 Received golf fees of $1,664 in cash from customers for golf services performed. 19 Sold 104 coupon books for $32 each in cash, Each book contains 10 coupons that enable the holder to play one round of miniature golf or to hit one bucket of golf balls. (Hint: The revenue should not be recognized until the customers use the coupons.) 25 Paid a $520 cash dividend. 30 Paid salaries of $832. 30 Paid Tahoe Company in full for equipment purchased on March 10. 31 Received $936 in cash from customers for golf services performed.

Answer rating: 100% (QA)

Date Account Particulars Debit Credit Mar01 Cash 52000 Common Stock 52000 To re... View the full answer