Kingbird Miniature Golf and Driving Range Inc. was opened on March 1 by Scott Verplank. The following selected events and transactions occurred during March. Mar. 1 3 5 6 10 18 25 30 30 31 Invested $46,200 cash in the business in exchange for common stock. Purchased Michelle Wie's Golf Land for $39,020 cash. The price consists of land $9,240, building $23,650, and equipment $6,130. (Make one compound entry.) Advertised the opening of the driving range and miniature golf course, paying advertising expenses of $1,528. Paid cash $1,541 for a one-year insurance policy. Purchased golf equipment for $2,620 from Singh Company, payable in 30 days. Received golf fees of $1,084 in cash. Declared and paid a $520 cash dividend. Paid wages of $990. Paid Singh Company in full. Received $784 of fees in cash. Kingbird uses the following accounts: Cash, Prepaid Insurance, Land, Buildings, Equipment, Accounts Payable, Common Stock, Dividends, Service Revenue, Advertising Expense, and Salaries and Wages Expense. Journalize the March transactions. (Use Service Revenue account to record fees.) (Credit account titles are automatically indented when 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. Record journal entries in the order presented in the problem.)
Kingbird Miniature Golf and Driving Range Inc. was opened on March 1 by Scott Verplank. The following selected events and transactions occurred during March. Mar. 1 3 5 6 10 18 25 30 30 31 Invested $46,200 cash in the business in exchange for common stock. Purchased Michelle Wie's Golf Land for $39,020 cash. The price consists of land $9,240, building $23,650, and equipment $6,130. (Make one compound entry.) Advertised the opening of the driving range and miniature golf course, paying advertising expenses of $1,528. Paid cash $1,541 for a one-year insurance policy. Purchased golf equipment for $2,620 from Singh Company, payable in 30 days. Received golf fees of $1,084 in cash. Declared and paid a $520 cash dividend. Paid wages of $990. Paid Singh Company in full. Received $784 of fees in cash. Kingbird uses the following accounts: Cash, Prepaid Insurance, Land, Buildings, Equipment, Accounts Payable, Common Stock, Dividends, Service Revenue, Advertising Expense, and Salaries and Wages Expense. Journalize the March transactions. (Use Service Revenue account to record fees.) (Credit account titles are automatically indented when 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. Record journal entries in the order presented in the problem.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Kingbird Miniature Golf and Driving Range Inc. was opened on March 1 by Scott Verplank. The following selected events and
transactions occurred during March.
Mar.
1
3
5
6
10
18
25
30
30
31
Invested $46,200 cash in the business in exchange for common stock.
Purchased Michelle Wie's Golf Land for $39,020 cash. The price consists of land $9,240, building $23,650, and
equipment $6,130. (Make one compound entry.)
Advertised the opening of the driving range and miniature golf course, paying advertising expenses of $1,528.
Paid cash $1,541 for a one-year insurance policy.
Purchased golf equipment for $2,620 from Singh Company, payable in 30 days.
Received golf fees of $1,084 in cash.
Declared and paid a $520 cash dividend.
Paid wages of $990.
Paid Singh Company in full.
Received $784 of fees in cash.
Kingbird uses the following accounts: Cash, Prepaid Insurance, Land, Buildings, Equipment, Accounts Payable, Common Stock,
Dividends, Service Revenue, Advertising Expense, and Salaries and Wages Expense.
Journalize the March transactions. (Use Service Revenue account to record fees.) (Credit account titles are automatically indented when
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. Record
journal entries in the order presented in the problem.)
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