Question 4) Darlene\'s Delightful Driving Range Inc. was opened on March I by Da

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 $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

Explanation / Answer

4) Journal entry :

Date account and explanation debit credit March 1 Cash 75000 Common Stock 75000 (To record common stock) March 3 Land 43000 Building 19000 Equipment 7000 cash 69000 (To record purchases) March 5 Advertising expenses 1200 Cash 1200 (To record advertising expense) Mar 6 Prepaid insurance 2400 Cash 2400 (To record prepaid insurance) Mar 10 Golf club and other equipment 5500 Account payable 5500 (To record purchase golf club) Mar 18 Cash 2800 Service revenue 2800 (To record service revenue) Mar 19 Cash 3024 Unearned revenue 3024 (To record unearned revenue) Mar 25 Dividend 700 Cash 700 (To record dividend paid) Mar 30 Salary expense 800 Cash 800 (To record salary paid) Mar 30 Account payable 2750 Cash 2750 (To record amount paid) Mar 31 Cash 900 Service revenue 900 (To record service revenue)

Related Questions

Navigate

• Browse (All)
• Browse Q
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.