JOURNALIZE THE MARCH TRANSACTIONS, INCLUDING EXPLANATIONS. CLEAR VIEW RECORDS GO

Question

JOURNALIZE THE MARCH TRANSACTIONS, INCLUDING EXPLANATIONS. CLEAR VIEW RECORDS GOLF FEES AS SERVICE REVENUE

the company uses these accounts: cash, prepaid insurance, land, building, equipment,accounts payable, unearned service revenue, common stock, retained earnings, dividends, service revenue, advertising expense and salaries and wage expense

Clear miniature golf and driving range inc. was opened on March 1 by Roger Prince. These selected and transactions occurred during March.

Mar.

1 Stockholders invested $50,000 cash in the business in exchange for common stock of the corportion

3 Purchased Arnie's Golf Land for 38,000 cash. the price consists of land 23,000, buliding 9000, and equipment 6000.(record single entry)

5 Advertised the opening of the driving range and miniture golf course, paying advertising expenses of 1200 cash.

6 Paid cash 2400 for a 1 yr insurance policy

10 purchased golf clubs and other equipment for 5500 from golden bear company, payable in 30 days.

18. received golf fees of 1600 in cash from customers for golf fees earned

19. sold 100 coupon books for $25 each in cash. each book contains ten coupons that enable the holder to pay one round of miniture golf or to hit one bucket of golf balls.( hint revenue is not earned until the customers use the coupon)

25. paid  a 500 cash dividends

30. paid salaries of 800

30. paid golden bear company in full for equipment purchased on march 10

31. received 900 in cash from customers for golf fees earned

Explanation / Answer

Hi,

Please find the answer as follows:

March 1:

Cash Dr. 50000

Common Stock Cr. 50000

March 3:

Land Dr. 23000

Building Dr. 9000

Equipment Dr. 6000

Cash Cr. 38000

March 5:

Advertising Expenses Dr. 1200

Cash Cr. 1200

March 6:

Prepaid Insurance Dr. 2400

Cash Cr. 2400

March 10:

Equipment Dr. 5500

Accounts Payable Cr. 5500

March 18:

Cash Dr. 1600

Service Revenue Cr. 1600

March 19:

Cash Dr. (25*100) 2500

Unearned Revenue Cr. 2500

March 25:

Dividends Dr. 500

Cash Cr. 500

March 30:

Salaries Expense Dr. 800

Cash Cr. 800

March 30:

Accounts Payable Dr. 5500

Cash Cr. 5500

March 31:

Cash Dr. 900

Service Revenue Cr. 900

Thanks.

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