Surepar Miniature Golf and Driving Range was opened on March 1 by Bill Affleck. The following selected events and transactions occurred during March:
March
1.. Invested $60,000 cash in the business in exchange for common stock
3.. Purchased Lee’s Golf Land for $38,000 cash. The price consists of land $23,000, building $9,000, and equipment $6,000. (Make one compound entry.)
5.. Advertised the opening of the driving range and miniature golf course, paying advertising expenses of $1,600
6... Paid cash $1,480 for a one-year insurance policy.
10.. Purchased golf clubs and other equipment for $2,600 from Parton Company payable in 30 days
18.. Received $800 in cash for golf fees earned.
19 . Sold 100 coupon books for $15 each. Each book contains 10 coupons that enable the holder to play one round of miniature golf or to hit one bucket of golf balls.
25.. Declared and paid $1,000 cash dividend.
30.. Paid salaries of $600
30.. Paid Parton Company in full
31.. Received $500 cash for fees earned.
Bill Affleck uses the following accounts: Cash; Prepaid Insurance; Land; Buildings; Equipment; Accounts Payable; Unearned Revenue; Common Stock; Dividends; Golf Revenue; Advertising Expense; and Salaries Expense.
Instructions
Journalize the March transactions.