Mar. 1 Stockholders invested $50,000 cash in the business in exchange for common stock of the corporation. Purchased Snead's Golf Land for $38,000 cash. The price consists of land $23,000, building $9,000, and equipment $6,000. (Record this in a single entry.) Advertised the opening of the driving range and miniature golf course, paying advertising expenses of $1,200 cash. Paid cash $2,400 for a 1-year insurance policy. 10 Purchased golf clubs and other equipment for $5,500 from Tahoe Company, payable in 30 days. 18 Received golf fees of $1,600 in cash from customers for golf services performed. Sold 100 coupon books for $25 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 $500 cash dividend. 30 Paid salaries of $800. Paid Tahoe Company in full for equipment purchased on March 10. Received $900 in cash from customers for golf services performed. 30 31
Mar. 1 Stockholders invested $50,000 cash in the business in exchange for common stock of the corporation. Purchased Snead's Golf Land for $38,000 cash. The price consists of land $23,000, building $9,000, and equipment $6,000. (Record this in a single entry.) Advertised the opening of the driving range and miniature golf course, paying advertising expenses of $1,200 cash. Paid cash $2,400 for a 1-year insurance policy. 10 Purchased golf clubs and other equipment for $5,500 from Tahoe Company, payable in 30 days. 18 Received golf fees of $1,600 in cash from customers for golf services performed. Sold 100 coupon books for $25 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 $500 cash dividend. 30 Paid salaries of $800. Paid Tahoe Company in full for equipment purchased on March 10. Received $900 in cash from customers for golf services performed. 30 31
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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what is the
Transcribed Image Text:Mar. 1
Stockholders invested $50,000 cash in the business in exchange for common stock of the corporation.
Purchased Snead's Golf Land for $38,000 cash. The price consists of land $23,000, building $9,000, and
equipment $6,000. (Record this in a single entry.)
Advertised the opening of the driving range and miniature golf course, paying advertising expenses of $1,200
cash.
Paid cash $2,400 for a 1-year insurance policy.
10
Purchased golf clubs and other equipment for $5,500 from Tahoe Company, payable in 30 days.
18
Received golf fees of $1,600 in cash from customers for golf services performed.
Sold 100 coupon books for $25 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 $500 cash dividend.
30
Paid salaries of $800.
Paid Tahoe Company in full for equipment purchased on March 10.
Received $900 in cash from customers for golf services performed.
30
31
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