ACCOUNTING PRINCIPLES (AC 1101/1201/11622 MESSAGE WY INSTRUCTOR FULL SCREN PRINT

Question

ACCOUNTING PRINCIPLES (AC 1101/1201/11622 MESSAGE WY INSTRUCTOR FULL SCREN PRINTER VERSION BACK NEXT Problem 2-1A Holz Disc Golf Course was opened on March 1 by Ian Holz. The following selected events and transactions occurred during March Mar. 1 Invested $21,000 cash in the business. Purchased Rainbow Golf Land for $13,000 cash. The price consists of land $10,000, shed $1,900, and equipment $1,100. (Make one compound entry.) 6 Paid cash $750 for a one-year insurance policy 10 Purcha f discs and other equipment for $1,100 from Stevenson Company payable in 30 days 18 Received 300 in cash for golf fees. (Holz records golf fees as service revenue). 19 Sold 200 coupon books for $20 each. Each book contains 4 coupons that enable the holder to play one round of disc golf. 25 Withdrew $700 cash for personal use. 30 Paid salaries of $300 30 Paid Stevenson Company in full 31 Received $2,300 cash for golf fees titles are automatically indented when amount is entered. Do not indent manually. Record jourmal entries io the ed in the problem. If no entry is required, select "No Entry for the account tiles and enter 0 for the amounts.)

Explanation / Answer

Journal entry :

Date accounts & explanation debit credit Mar 1 Cash 21000 Owner's capital 21000 Mar 3 Land 11900 Equipment 1100 Cash 13000 mar 5 Advertising expense 800 Cash 800 Mar 6 Prepaid insurance 750 Cash 750 Mar 10 Equipment 1100 Account payable 1100 Mar 18 Cash 1300 Service revenue 1300 Mar 19 Cash (200*20) 4000 Uneared revenue 4000 Mar 25 Owner's drawing 700 Cash 700 Mar 30 Salary expense 300 Cash 300 Mar 30 Account payable 1100 Cash 1100 Mar 31 Cash 2300 Service revenue 2300

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