Problem 2-1B
Surepar Miniature Golf and Driving Range was opened on March
1 by Jerry Glover. The following selected events and transactions occurred
during March:
March 1 Invested $50,000 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
Palmer 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 Withdrew $2,000 cash for personal use
30 Paid salaries of $600.
30 Paid Palmer Company in full.
31 Received $500 cash for fees earned.
Jerry Glover 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.
Journalize the March transactions.
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