Question: Question 4) Darlene's Delightful Driving Range Inc. was opened on March I by Darlene R. These selected events and transactions occurred during Marclh Stockholders invested
Question 4) Darlene's Delightful Driving Range Inc. was opened on March I by Darlene R. These selected events and transactions occurred during Marclh Stockholders invested $75,000 cash in the business in exchange for common stock of the corporation Purchased Minnis" Miniature Golf for $69,000 cash since he didn't know how to run the place. The price consists of land $43,000, building $19,000, and equipment $7,000. Advertised the opening of the driving range and perfect golf course, paying advertising expense of $1.200 Paid cash $2,400 for a 1-year insurance policy Purchased golf clubs and other equipment for $5,500 from Bayer Bear Company, payable in 30 days March: 1 3 5 6 10 18 Received golf fees of S2,800 in cash from customers for golf services performed. Sold 144 coupon books for $21 each in cash. Each book contains ten coupons that enable the holder to play one round of miniature golf or to hit one bucket of golf balls. Paid a $700 cash dividend. Paid salaries of $800. 19 25 30 30 31 Paid Bayer Bear Company half of the balanced owed Received $900 in cash from customers for golf services performed. Darlene's Chart of Accounts: Cash, Accounts Receivable, Prepaid Insurance, Land, Buildings, Equipment, Accounts Payable, Unearned Service Revenue, Common stock, Retained Earnings, Dividends, Service Revenue, Advertising Expense, and Salaries Expense. Instructions: Journalize the March transactions. Question 5) Grimes Greatest Architects was founded by Megan Grimes on April 1, 2018. During the first month of operations, these events and transactions occurred: April: 1 1 Hired a secretary-receptionist at a salary of $333 per week, payable monthly 2 Paid office rent for the month $987. (Go ahead and expense this) 3 Purchased architectural supplies on account from Moncada Company $1,321 10 Completed blueprints on a carport and billed client $2,082 for services 11 Received $777 cash advance from S. Stevens to design a new home. 20 Received $2,308 cash for services completed and delivered to D. Boggs 30 Paid secretary-receptionist for the month $1,700. 30 Paid $432 to Moncada Company for accounts payable due. Stockholders invested $52,000 cash in exchange for common stock of the corporation Grimes' Chart of Accounts: Cash, Accounts Receivable, Supplies, Accounts Payable, Uncarmed Service Revenue, Common Stock, Service Revenue, Salaries Expense, and Rent Expense Instructions: Journalize the April transactions, Post them toT Accounts above, and prepare a Trial Balance
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
