Current Attempt in Progress Whispering Winds'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 $69,500 cash in the business in exchange for common stock of the corporation. Purchased Snead's Golf Land for $42,700 cash. The price consists of land $24,000, building $8,580, and equipment $10,120. (Record this in a single entry.) 3 Advertised the opening of the driving range and miniature golf course, paying advertising expenses of $1,630 cash. Paid cash $4,950 for a 1-year insurance policy. 10 Purchased golf clubs and other equipment for $5,650 from Tahoe Company, payable in 30 days. 18 Received golf fees of $1,850 in cash from customers for golf services performed. Sold 120 coupon books for $15 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 $410 cash dividend. 30 Paid salaries of $740. 30 Paid Tahoe Company in full for equipment purchased on March 10. 31 Received $880 in cash from customers for golf services performed.

Current Attempt in Progress Whispering Winds'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 $69,500 cash in the business in exchange for common stock of the corporation. Purchased Snead's Golf Land for $42,700 cash. The price consists of land $24,000, building $8,580, and equipment $10,120. (Record this in a single entry.) 3 Advertised the opening of the driving range and miniature golf course, paying advertising expenses of $1,630 cash. Paid cash $4,950 for a 1-year insurance policy. 10 Purchased golf clubs and other equipment for $5,650 from Tahoe Company, payable in 30 days. 18 Received golf fees of $1,850 in cash from customers for golf services performed. Sold 120 coupon books for $15 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 $410 cash dividend. 30 Paid salaries of $740. 30 Paid Tahoe Company in full for equipment purchased on March 10. 31 Received $880 in cash from customers for golf services performed.

Name: Journalize the March transactions. Whispering Winds's records golf fe
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Description: Journalize the March transactions. Whispering Winds's records golf fees as service revenue. (If no entry isrequired, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titlesare outomatically indented when amount is

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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