### Transactions for Holz Disc Golf CourseMountain Holz opened Holz Disc Golf Course on March 1st. Below are the recorded events and transactions that took place during March.**March Transactions:****Mar 1**- Invested $22,000 cash in the business.**Mar 3**- Purchased Rainbow Golf Land for $14,000 cash. The price includes land ($10,700), a shed ($2,100), and equipment ($1,200). *(Note: Make one compound entry.)***Mar 5**- Paid advertising expenses of $600.**Mar 6**- Paid cash of $750 for a one-year insurance policy.**Mar 10**- Purchased golf discs and other equipment for $1,100 from Stevenson Company, payable in 30 days.**Mar 18**- Received $1,200 in cash for golf fees. *(Holz records golf fees as service revenue).***Mar 19**- Sold 200 coupon books for $10 each. Each book contains four coupons which enable the holder to play one round of disc golf.**Mar 25**- Withdrew $900 cash for personal use.**Mar 30**- Paid salaries of $200.**Mar 30**- Paid Stevenson Company in full.**Mar 31**- Received $1,800 cash for golf fees.### Journalizing the March transactions(Please note: List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts). Date Account Titles and Explanation Debit Credit

The very first step in accounting is journalizing transactions. The correctness and accuracy of the…

Answered: March. Mar. 1 3 5 6 10 18 19 25 30 30…

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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record periodic journal entries required for each of the following transactions.
For each of the following transactions, select the correct type of expenditure. Transactions (1) Purchased a patent, $4,300 cash. (2) Paid $10,000 for monthly salaries. (3) Paid cash dividends, $20,000. (4) Purchased a machine, $7,000; gave a long-term note. (5) Paid three-year insurance premium, $900. (6) Paid for routine maintenance, $200, on credit. (7) Paid $400 for ordinary repairs. (8) Paid $6,000 for improvements that lengthened the asset's productive life. (9) Paid $20,000 cash for addition to old building. Type of Expenditure Capital expenditure Expense Neither
Robert placed the following assets into service fir his packing and shipping company this year apr 3 desk with a basus of $1100 july 30 computer software with a basis of $4200 oct 30 delivery truck with a basis of $33,000
Carla Vista 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 $48,000 cash in the business in exchange for common shares of the corporation. 3 Purchased Arnie's Golf Land for $36,480 cash. The price consists of land $22,080, building $8,640, and equipment $5,760. 5 Advertised the opening of the driving range and miniature golf course, paying advertising expenses of $1,520 cash. 6 Paid cash $2,320 for a 1-year insurance policy. 10 Purchased golf clubs and other equipment for $4,560 from Golden Bear Company, payable in 30 days. 18 Received golf fees of $1,120 in cash from customers for golf fees earned. 19 Sold 96 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…
s
38
udy Cumby is the sole owner of Crane, a public camping ground near Gros Morne National Park. Judy has gathered the following financial information for the year ended March 31, 2024: Revenues-general store $40,000 Revenues-camping fees $162,000 Operating expenses 155,000 Cash on hand 1700 Supplies on hand 2,500 Original cost of equipment: 115000 Fair value of equipment 130,000 Notes payable 8100 Accounts payable 11,900 J. Cumby, capital, April 1, 2023:17000 Accounts receivable 21,300 J. Cumby, drawings:10500 Camping fees collected for April 10,000 Insurance paid for in advance for April to June, 2024:600 owner's equity total is: 53500 (a) Calculate balance sheet.
Business transactions: On March. 1. Mr. A introduced $50,000 capital in cash into the business. 2. A sum of $30,000 loan borrowed from the Bank at 6% for 5 years. 3. Rent paid of $6,000. 4. Insurance paid $2,400 in advance for two years. 5. Equipment purchased of $10,000 in cash (useful for 5 years). 6. Furniture purchased worth $3,500 in cash (useful for 5 years). 7. Vehicle purchased for business on credit for $5,000 (useful for 5 years). 8. Supplies purchased on account for $1,500. 9. Goods purchased on account for $15,000. 10. Salaries and wages paid for $7,000. 11. Electricity bill paid for $750. 12. Telephone bill paid for $150. 13. Goods to supplier of $100 due to defects. 14. Depreciation expense on equipment for $2,000 15. Depreciation expense on vehicle for $1000. 16. Depreciation expense on furniture for $700 17. Interest expense paid on bank loan for $1,800. 18. Goods sold for $40,250. 19. Mr. A used goods for personal use worth $200. 20. Payment of $14,900 made to supplier…
32. LAWN-MOWER Yard Mowers, Inc., bought 15 self-propelled, riding lawn mowers from Green Lawns, Ltd. The company paid after 90 days and was charged an annual finance charge of 12, or $126. Find (a) the cost of the 15 lawnmowers excluding the interest and (b) the cost per mower
Ali Furniture Business (AFB), starting from the owner’s investment of $100,000. Record the following transactions on general journal. Ali purchased land for Business for $35,000. Paid $20,000 cash. Balance will be paid as account payale. Purchased additional machinery for Business for $10,000 on cash. Purchased wood stock for $45,000, paid $35,000 cash and signed a note payable for balance. Obtained a lone from Supreme Bank in the amount of $50,000. Signed a note payable. Paid $15,000 Accounts payable and $30,000 of Note Payable.
I want # 3 required to be answered.
Taste Thai Restaurant recorded food and drink sales of $700. 000 for the financial year. The expenses amounted to $300.000, the owner’s withdrew $100.000 for personal use and the business purchased supplies for $35,000(recorded as an asset initially. What was the restaurant’s profit for the year?

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