Carla Vista Miniature Golf and Driving Range Inc. was opened on March 1 by Michael Wear. These selected events and transactions occurred during March. Mar. 1   Shareholders invested $48,000 cash in the business in exchange for common shares of the corporation.   3   Purchased Arnie's Golf Land for $36,480 cash. The price consists of land $22,080, building $8,640, and equipment $5,760.   5   Advertised the opening of the driving range and miniature golf course, paying advertising expenses of $1,520 cash.   6   Paid cash $2,320 for a 1-year insurance policy.   10   Purchased golf clubs and other equipment for $4,560 from Golde

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Carla Vista Miniature Golf and Driving Range Inc. was opened on March 1 by Michael Wear. These selected events and transactions occurred during March.

Mar. 1   Shareholders invested $48,000 cash in the business in exchange for common shares of the corporation.
  3   Purchased Arnie's Golf Land for $36,480 cash. The price consists of land $22,080, building $8,640, and equipment $5,760.
  5   Advertised the opening of the driving range and miniature golf course, paying advertising expenses of $1,520 cash.
  6   Paid cash $2,320 for a 1-year insurance policy.
  10   Purchased golf clubs and other equipment for $4,560 from Golden Bear Company, payable in 30 days.
  18   Received golf fees of $1,120 in cash from customers for golf fees earned.
  19   Sold 96 coupon books for $25 each in cash. Each book contains ten coupons that enable the holder to play one round of miniature golf or to hit one bucket of golf balls. (Hint: The revenue is not earned until the customers use the coupons.)
  25   Declared and paid a $480 cash dividend.
  30   Paid salaries of $640.
  30   Paid Golden Bear Company in full for equipment purchased on March 10.
  31   Received $800 in cash from customers for golf fees earned.
  31   Paid estimated income taxes for the month amounting to $96.

The company uses these accounts: Cash, Prepaid Insurance, Land, Buildings, Equipment, Accounts Payable, Deferred Revenue, Common Shares, Retained Earnings, Dividends Declared, Fees Earned, Advertising Expense, Salaries Expense, and Income Tax Expense.
Prepare journal entries to record the March transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries. Record journal entries in the order presented in the problem.)

Question 14 of 15
-/ 25
(To record payment of salaries)
(To record payment of equipment purchased)
(To record cash received from customers)
(To reocord payment of income tax)
Transcribed Image Text:Question 14 of 15 -/ 25 (To record payment of salaries) (To record payment of equipment purchased) (To record cash received from customers) (To reocord payment of income tax)
Date
Account Titles and Explanation
Debit
Credit
Transcribed Image Text:Date Account Titles and Explanation Debit Credit
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