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
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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 the
park. (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.
Transcribed Image Text: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 the park. (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.
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