McKay Disc Golf Course was opened on March 1 by Evan McKay. The following selected events and transactions occurred during March.
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1 |
Invested $20,000 cash in the business. |
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3 |
Purchased Sable’s Golf Land for $15,000 cash. The price consists of land $12,000, shed $2,000, and equipment $1,000. (Make one compound entry.) |
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5 |
Paid advertising expenses of $700. |
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6 |
Paid cash $600 for a one-year insurance policy. |
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10 |
Purchased golf discs and other equipment for $1,050 from Taylor Company payable in 30 days. |
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18 |
Received $1,100 in cash for golf fees (McKay records golf fees as service revenue). |
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19 |
Sold 150 coupon books for $10 each. Each book contains 4 coupons that enable the holder to play one round of disc golf. |
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25 |
Withdrew $800 cash for personal use. |
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30 |
Paid salaries of $250. |
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30 |
Paid Taylor Company in full. |
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31 |
Received $2,100 cash for golf fees. |
McKay Disc Golf uses the following accounts: Cash, Prepaid Insurance, Land, Buildings, Equipment, Accounts Payable, Unearned Service Revenue, Owner’s Capital, Owner’s Drawings, Service Revenue, Advertising Expense, and Salaries and Wages Expense.
Instructions
Journalize the March transactions.