E 17 Snyder Miniature Golf and Driving Range Inc. was opened on March 1 by Mickey Snyder. The following selected events and transactions occurred during March.
|
Mar. 1 |
Invested $60,000 cash in the business in exchange for common stock. |
|
3 |
Purchased Michelle Wie’s Golf Land for $38,000 cash. The price consists of land$10,000; building $22,000; 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 equipment for $2,500 from Young Company, payable in 30 days. |
|
18 |
Received golf fees of $1,200 in cash. |
|
25 |
Declared and paid a $1,000 cash dividend. |
|
30 |
Paid wages of $900. |
|
30 |
Paid Young Company in full. |
|
31 |
Received $750 of fees in cash. |
Snyder uses the following accounts: Cash, Prepaid Insurance, Land, Buildings, Equipment, Accounts Payable, Common Stock, Dividends, Service Revenue, Advertising Expense, and Salaries and Wages Expense.
Instructions
Journalize the March transactions. (Provide explanations for the journal entries.)