Homework answers / question archive / Your answer is partially correct

Your answer is partially correct

Accounting

Share With

Your answer is partially correct. Bradley's Miniature Golf and Driving Range Inc. was opened on March 1 by Bob Dean. These selected events and transactions occurred during March. Mar. 1 3 5 6 10 18 19 Stockholders invested $63,500 cash in the business in exchange for common stock of the corporation Purchased Snead's Golf Land for $47,000 cash. The price consists of land $23,900, building $8,580, and equipment $14,520. (Record this in a single entry.) Advertised the opening of the driving range and miniature golf course, paying advertising expenses of $2,040 cash. Paid cash $2,500 for a 1-year insurance policy. Purchased golf clubs and other equipment for $5,650 from Tahoe Company, payable in 30 days. Received golf fees of $2,500 in cash from customers for golf services performed. Sold 100 coupon books for $15 each in cash. Each book contains 10 coupons that enable the holder to play one round of miniature golf or to hit one bucket of golf balls. (Hint: The revenue should not be recognized until the customers use the coupons.) Paid a $570 cash dividend. Paid salaries of $770. Paid Tahoe Company in full for equipment purchased on March 10, Received $830 in cash from customers for golf services performed. 25 30 30 31 Journalize the March transactions. Bradley's records golf fees as service revenue. (If no entry is required, select "No Entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
Date Account Titles and Explanation Mar 1 Debit Cash Credit 63500 Common Stock Mar. 3 Land 63500 23900 Buildings 8580 Equipment 14520 Cash 47000 Mar. 3 Mar, 5 Advertising Expense 2040 Cash 2040 Mar. 6 Prepaid Insurance 2500 Cash 2500 V Mar. 10 Equipment 5650 5650 Accounts Payable
Question 9 of 10 0.56/1 Accounts Payable 5650 Mar. 18 Cash 1600 Service Revenue 1600 Mar. 19 V Unearned Service Revenue 2500 Cash 2500 Mar. 25 Dividends 500 Cash 500 (Paid salaries expense) Accounts Payable Mar. 30 5500 5500 Cash (Paid creditor on account) 900 Mar. 31 V Cash 900 Service Revenue