Blue Spruce’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 Stockholders invested $67,000 cash in the business in exchange for common stock of the corporation. 3 Purchased Snead’s Golf Land for $42,500 cash. The price consists of land $25,000, building $9,080, and equipment $8,420. (Record this in a single entry.) 5 Advertised the opening of the driving range and miniature golf course, paying advertising expenses of $1,700 cash. 6 Paid cash $2,750 for a 1-year insurance policy. 10 Purchased golf clubs and other equipment for $5,950 from Tahoe Company, payable in 30 days. 18 Received golf fees of $1,450 in cash from customers for golf services performed. 19 Sold 135 coupon books for $10 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.) 25 Paid a $580 cash dividend. 30 Paid salaries of $830. 30 Paid Tahoe Company in full for equipment purchased on March 10. 31 Received $980 in cash from customers for golf services performed.

FINANCIAL ACCOUNTING

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ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Blue Spruce’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		Stockholders invested $67,000 cash in the business in exchange for common stock of the corporation.
3		Purchased Snead’s Golf Land for $42,500 cash. The price consists of land $25,000, building $9,080, and equipment $8,420. (Record this in a single entry.)
5		Advertised the opening of the driving range and miniature golf course, paying advertising expenses of $1,700 cash.
6		Paid cash $2,750 for a 1-year insurance policy.
10		Purchased golf clubs and other equipment for $5,950 from Tahoe Company, payable in 30 days.
18		Received golf fees of $1,450 in cash from customers for golf services performed.
19		Sold 135 coupon books for $10 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.)
25		Paid a $580 cash dividend.
30		Paid salaries of $830.
30		Paid Tahoe Company in full for equipment purchased on March 10.
31		Received $980 in cash from customers for golf services performed.

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