Question (8 Marks)

Preparing the general journal entries ( Debit and Credit for each of the following transaction)

The Arid Sands Golf Club was opened for business on 1 July 2022 by Todd Simpson. The following selected events and transactions occurred during the first month of operations.

July

1 - The owner invested $ 2500000 cash into the business.

3 - Acquired the business of Jeffery's Golf World for $1800000 cash. The price consisted of land $ 1000000, building $650000, and equipment $150000.

6- Advertised the opening of the golf course, paying advertising expenses of $36000 for a major television campaign.

10 - Paid cash $36000 for a 1-year insurance policy.

18 - Purchased new golfing equipment for $60000 from Rory Golfing, payable in 30days.

19 - Received golf membership fees of $22000 in cash.

25 - Sold 200 coupon books for $400 each. Every book contains 10 coupons each of which entitles the holder to one round of golf.

27 - Simpson withdrew $10000 cash for personal use.

29 - Paid wages of $12600.

30 - Paid Rory Golfing in full.

31 - Received $12000 cash for golf fees.

Required Prepare general journal entries for the month of July 2022, using appropriate account titles. Ignore GST.