Evergreen Campground was started on June 1 by Jolene and David Collier. The following selected events and transactions occurred during June.
June 1 |
Invested $150,000 cash in the business in exchange for common stock. |
4 |
Purchased land costing $40,000 for cash. |
8 |
Incurred advertising expense of $3,500 on account. |
11 |
Paid salaries to employees $1,500. |
12 |
Hired Campground manager at a salary of $5,000 per month, effective July 15. |
13 |
Paid $2,000 for a one year insurance policy. |
20 |
Received $9,000 in cash for admission fees. |
30 |
Received $5,000 in cash for admission fees. |
30 |
Paid $1,000 on account for advertising incurred on June 8. |
Evergreen uses the following accounts: Cash; Prepaid Insurance; Land; Accounts Payable; Unearned Admissions; Common mission Revenue Advertising Expense; and Salaries Expense.
Instructions Journalize the April transactions.