he Suremiss Miniature Golf and Driving Range was opened on May1, 2018 by Jacinto Claveria. he following selected events and transactions occurred during May: lay 1 Invested P500,000 cash in the business 3 Purchased Lee's Golf Land of P380,000 cash. The price consists of Land, P230,000, Building, P90,000 and Equipment, P60,000 |(Make one compound entry) 5 Advertised the opening of the driving range and miniature golf course, paying advertising expenses of P16,000. 6 Paid cash P14, 800 for a one-year insurance policy. 10 Purchased golf Clubs and other equipment for 16,000 from Pambunal Company payable in 30 days. 18 Received golf fees of P8,000 in cash

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Gives its journal Entry

The Suremiss Miniature Golf and Driving Range was opened on May1, 2018 by Jacinto Claveria.
The following selected events and transactions occurred during May:
May 1 Invested P500,000 cash in the business
3 Purchased Lee's Golf Land of P380,000 cash. The price consists of Land, P230,000, Building, P90,000 and Equipment, P60,000
(Make one compound entry)
5 Advertised the opening of the driving range and miniature golf course, paying advertising expenses of P16,000.
6 Paid cash P14, 800 for a one-year insurance policy.
10 Purchased golf Clubs and other equipment for 16,000 from Pambunal Company payable in 30 days.
18 Received golf fees of P8,000 in cash
19 Sold 100 coupon books for P150 each. Each book contains 10 coupons that enable the holder to one round of miniature golf
or to hit one bucket of golf balls.
25 Withdraw P5,000 cash for personal use.
30 Paid salaries of P6,000.
31 Received P5.000 of fees in cash.
Transcribed Image Text:The Suremiss Miniature Golf and Driving Range was opened on May1, 2018 by Jacinto Claveria. The following selected events and transactions occurred during May: May 1 Invested P500,000 cash in the business 3 Purchased Lee's Golf Land of P380,000 cash. The price consists of Land, P230,000, Building, P90,000 and Equipment, P60,000 (Make one compound entry) 5 Advertised the opening of the driving range and miniature golf course, paying advertising expenses of P16,000. 6 Paid cash P14, 800 for a one-year insurance policy. 10 Purchased golf Clubs and other equipment for 16,000 from Pambunal Company payable in 30 days. 18 Received golf fees of P8,000 in cash 19 Sold 100 coupon books for P150 each. Each book contains 10 coupons that enable the holder to one round of miniature golf or to hit one bucket of golf balls. 25 Withdraw P5,000 cash for personal use. 30 Paid salaries of P6,000. 31 Received P5.000 of fees in cash.
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