Post journal entries. Apr. 1 Stockholders invested $70,000 cash in the business in exchange for common stock.4 Purchased land costing $50,000 for cash.8 Purchased advertising in local newspaper for $1,200 on account.11 Paid salaries to employees $2,700.12 Hired park manager at a salary of $3,600 per month, effective May 1.13 Paid $7,200 for a 1-year insurance policy.17 Paid $600 cash dividends.20 Received $6,000 in cash from customers for admission fees.25 Sold 100 coupon books for $90 each. Each book contains ten coupons that entitle the holder to one admission to thepark. (Hint: The revenue is not earned until the coupons are used.)30 Received $7,900 in cash from customers for admission fees.30 Paid $400 of the balance owed for the advertising purchased on account on April 8.

Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Apr. 1 Stockholders invested $70,000 cash in the business in exchange for common stock. 4 Purchased land costing $50,000 for cash. 8 Purchased advertising in local newspaper for $1,200 on account. 11 Paid salaries to employees $2,700. 12 Hired park manager at a salary of $3,600 per month, effective May 1. 13 Paid $7,200 for a 1-year insurance policy. 17 Paid $600 cash dividends.

Apr. 1 Stockholders invested $70,000 cash in the business in exchange for common stock. 4 Purchased land costing $50,000 for cash. 8 Purchased advertising in local newspaper for $1,200 on account. 11 Paid salaries to employees $2,700. 12 Hired park manager at a salary of $3,600 per month, effective May 1. 13 Paid $7,200 for a 1-year insurance policy. 17 Paid $600 cash dividends.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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