Classified the following accounts as: Owner's Revenu Expense Drawing e (Cr) Assets Liabiltie Equity (Dr) s (Cr) (Dr) (Dr) (Cr) Cash Prepaid Insurance Accounts Payable Advertising Expense Utilities Expenses Accounts Receivable Equipment Salaries and Wages Expen Rent Expense Owner's Capital Holz Disc Golf Course was opened on March 1 by lan Holz. The following selected events and transactions occurred during March. In vested $20,000 cash in the business. 3 Purchased Rainbow Golf Land for $15,000 cash. The price consists of land $12,000, shed $2,000, and equipment $1,000. (Make one compound entry). 5 Paid advertising expenses of $900. 6 Paid cash $600 for a one-year insurance policy. 10 Purchased golf discs and other equipment for $1,050 from Stevenson Company Mar payable in 30 days. 18 18 Received $1,100 in cash for golf fees (Holz records golf fees as service revenue) 19 Sold 150 coupon books for $10 each. Each book contains 4 coupons that enable the holder to play one round of disc golf. 25 Withdrew $800 cash for personal use. 30 Paid salaries of $250. 30 Paid Stevenson Company in full. 31 Received $2,700 cash for golf fees. Holz Disc Golf uses the following accounts: Cash, Prepaid Insurance, Land, Buildings, Equipment, Accounts Payable, Unearned Service Revenue, Owner's Capital, Owner's Drawing, Service Revenue, Advertising Expense, and Wages Expense. Instructions: Journalize the March transactions.
Classified the following accounts as: Owner's Revenu Expense Drawing e (Cr) Assets Liabiltie Equity (Dr) s (Cr) (Dr) (Dr) (Cr) Cash Prepaid Insurance Accounts Payable Advertising Expense Utilities Expenses Accounts Receivable Equipment Salaries and Wages Expen Rent Expense Owner's Capital Holz Disc Golf Course was opened on March 1 by lan Holz. The following selected events and transactions occurred during March. In vested $20,000 cash in the business. 3 Purchased Rainbow Golf Land for $15,000 cash. The price consists of land $12,000, shed $2,000, and equipment $1,000. (Make one compound entry). 5 Paid advertising expenses of $900. 6 Paid cash $600 for a one-year insurance policy. 10 Purchased golf discs and other equipment for $1,050 from Stevenson Company Mar payable in 30 days. 18 18 Received $1,100 in cash for golf fees (Holz records golf fees as service revenue) 19 Sold 150 coupon books for $10 each. Each book contains 4 coupons that enable the holder to play one round of disc golf. 25 Withdrew $800 cash for personal use. 30 Paid salaries of $250. 30 Paid Stevenson Company in full. 31 Received $2,700 cash for golf fees. Holz Disc Golf uses the following accounts: Cash, Prepaid Insurance, Land, Buildings, Equipment, Accounts Payable, Unearned Service Revenue, Owner's Capital, Owner's Drawing, Service Revenue, Advertising Expense, and Wages Expense. Instructions: Journalize the March transactions.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Classified the following accounts as:
Owner's
Revenu Expense Drawing
e (Cr)
Assets Liabiltie
Equity
(Dr)
s (Cr)
(Dr)
(Dr)
(Cr)
Cash
Prepaid Insurance
Accounts Payable
Advertising Expense
Utilities Expenses
Accounts Receivable
Equipment
Salaries and Wages Expen
Rent Expense
Owner's Capital
Holz Disc Golf Course was opened on March 1 by lan Holz. The following selected events
and transactions occurred during March.
In vested $20,000 cash in the business.
3 Purchased Rainbow Golf Land for $15,000 cash. The price consists of land $12,000,
shed $2,000, and equipment $1,000. (Make one compound entry).
5 Paid advertising expenses of $900.
6 Paid cash $600 for a one-year insurance policy.
10 Purchased golf discs and other equipment for $1,050 from Stevenson Company
Mar
payable in 30 days.
18 18 Received $1,100 in cash for golf fees (Holz records golf fees as service revenue)
19 Sold 150 coupon books for $10 each. Each book contains 4 coupons that enable the
holder to play one round of disc golf.
25 Withdrew $800 cash for personal use.
30 Paid salaries of $250.
30 Paid Stevenson Company in full.
31 Received $2,700 cash for golf fees.
Holz Disc Golf uses the following accounts: Cash, Prepaid Insurance, Land, Buildings,
Equipment, Accounts Payable, Unearned Service Revenue, Owner's Capital, Owner's
Drawing, Service Revenue, Advertising Expense, and Wages Expense.
Instructions:
Journalize the March transactions.
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