Sunland Park was started on April 1 by R. S. Francis and associates. The following selected events
Question:
Sunland Park was started on April 1 by R. S. Francis and associates. The following selected events and transactions occurred during April.
Apr.
1. Stockholders invested $50,400 cash in the business in exchange for common stock.
4. Purchased land costing $29,700 for cash.
8. Incurred advertising expense of $2,000 on account.
11 Paid salaries to employees $1,460.
12 Hired park manager at a salary of $4,500 per month, effective May 1.
13 Paid $1,700 cash for a one-year insurance policy.
17 Declared and paid a $1,430 cash dividend.
20 Received $5,400 in cash for admission fees.
25 Sold 165 coupon books for $42 each. Each book contains 10 coupons that entitle the holder to one admission to the park.
30 Received $9,000 in cash admission fees.
30 Paid $840 on balance owed for advertising incurred on April 8.
Sunland uses the following accounts:
Cash, Prepaid Insurance, Land, Accounts Payable, Unearned Service Revenue, Common Stock, Dividends, Service Revenue, Advertising Expense, and Salaries and Wages Expense.
Journalize the April transactions.
Expert Answer:
Date 1Apr 4Apr 8Apr 11Apr 12Apr 13Apr 17Apr 20Apr 25Apr 30Apr 30Apr Particulars Cash To RS ... View the full answer
