Bradley's Miniature Golf and Driving Range Inc. was opened on March 1 by Bob Dean. These selected events and cransactions occurred during March. Mar. 1 Stockholders invested $50,000 cash in the business in exchange for common stock of the corporation. Purchased Snead's Golf Land for $38,000 cash. The price consists of land $23,000, building $9,000, and equipment $6,000. (Record this in a single entry.) 3 Advertised the opening of the driving range and miniature golf course, paying advertising expenses of $1,200 cash. 6. Paid cash $2,400 for a 1-year insurance policy. 10 Purchased golf clubs and other equipment for $5,500 from Tahoe Company, payable in 30 days. 18 Received golf fees of $1,600 in cash from customers for golf services performed. Sold 100 coupon books for $25 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.) 19 25 Paid a $500 cash dividend.

Bradley's Miniature Golf and Driving Range Inc. was opened on March 1 by Bob Dean. These selected events and cransactions occurred during March. Mar. 1 Stockholders invested $50,000 cash in the business in exchange for common stock of the corporation. Purchased Snead's Golf Land for $38,000 cash. The price consists of land $23,000, building $9,000, and equipment $6,000. (Record this in a single entry.) 3 Advertised the opening of the driving range and miniature golf course, paying advertising expenses of $1,200 cash. 6. Paid cash $2,400 for a 1-year insurance policy. 10 Purchased golf clubs and other equipment for $5,500 from Tahoe Company, payable in 30 days. 18 Received golf fees of $1,600 in cash from customers for golf services performed. Sold 100 coupon books for $25 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.) 19 25 Paid a $500 cash dividend.

Name: Why is the Prepaid insurance belong to expense? With the theory it bel
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Description: Why is the Prepaid insurance belong to expense? With the theory it belong to Asset instead? Why do you list it in the expense? Between the 2 week period from March 10 to March 24, what is the change in Cash? Bradley's Miniature Golf and Driving Range

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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