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Current Attempt in Progress Oriole Oaks 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 $55,000 cash in the business in exchange for common shares of the corporation. Purchased Arnie's Golf Land for $41,800 cash. The price consists of land $25,300, building $9.900, and equipment $6,600. 3 5 6 10 18 19 25 30 Advertised the opening of the driving range and miniature golf course, paying advertising expenses of $1,730 cash. Paid cash $2,640 for a 1-year insurance policy. Purchased golf clubs and other equipment for $5,260 from Golden Bear Company, payable in 30 days. Received golf fees of $1,260 in cash from customers for golf fees earned. Sold 110 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.) Declared and paid a $550 cash dividend. Paid salaries of $710.

Current Attempt in Progress Oriole Oaks 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 $55,000 cash in the business in exchange for common shares of the corporation. Purchased Arnie's Golf Land for $41,800 cash. The price consists of land $25,300, building $9.900, and equipment $6,600. 3 5 6 10 18 19 25 30 Advertised the opening of the driving range and miniature golf course, paying advertising expenses of $1,730 cash. Paid cash $2,640 for a 1-year insurance policy. Purchased golf clubs and other equipment for $5,260 from Golden Bear Company, payable in 30 days. Received golf fees of $1,260 in cash from customers for golf fees earned. Sold 110 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.) Declared and paid a $550 cash dividend. Paid salaries of $710.

FINANCIAL ACCOUNTING
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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30 30 31 31 Paid salaries of $710. Paid Golden Bear Company in full for equipment purchased on March 10. Received $940 in cash from customers for golf fees earned. Paid estimated income taxes for the month amounting to $110. 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 O for the amounts. List all debit entries before credit entries. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit
Transcribed Image Text:30 30 31 31 Paid salaries of $710. Paid Golden Bear Company in full for equipment purchased on March 10. Received $940 in cash from customers for golf fees earned. Paid estimated income taxes for the month amounting to $110. 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 O for the amounts. List all debit entries before credit entries. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit
Current Attempt in Progress Oriole Oaks Miniature Golf and Driving Range Inc. was opened on March 1 by Michael Wear. These selected events and transactions occurred during March. Mar. 1 3 5 6 10 18 19 25 30 Shareholders invested $55,000 cash in the business in exchange for common shares of the corporation. Purchased Arnie's Golf Land for $41,800 cash. The price consists of land $25,300, building $9.900, and equipment $6,600. Advertised the opening of the driving range and miniature golf course, paying advertising expenses of $1,730 cash. Paid cash $2,640 for a 1-year insurance policy. Purchased golf clubs and other equipment for $5,260 from Golden Bear Company, payable in 30 days. Received golf fees of $1,260 in cash from customers for golf fees earned. Sold 110 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.) Declared and paid a $550 cash dividend. Paid salaries of $710.
Transcribed Image Text:Current Attempt in Progress Oriole Oaks Miniature Golf and Driving Range Inc. was opened on March 1 by Michael Wear. These selected events and transactions occurred during March. Mar. 1 3 5 6 10 18 19 25 30 Shareholders invested $55,000 cash in the business in exchange for common shares of the corporation. Purchased Arnie's Golf Land for $41,800 cash. The price consists of land $25,300, building $9.900, and equipment $6,600. Advertised the opening of the driving range and miniature golf course, paying advertising expenses of $1,730 cash. Paid cash $2,640 for a 1-year insurance policy. Purchased golf clubs and other equipment for $5,260 from Golden Bear Company, payable in 30 days. Received golf fees of $1,260 in cash from customers for golf fees earned. Sold 110 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.) Declared and paid a $550 cash dividend. Paid salaries of $710.
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