P2-1A Classified the following accounts as: Owner's Assets Liabiltie s (Cr) Equity (cr) Revenu Expense Drawing (Dr) (Dr) e (Cr) (Dr) Cash Prepaid Insurance Accounts Payable Advertising Expense Utilities Expenses Accounts Receivable Equipment Salaries and Wages Expen Rent Expense Owner's Capital Holz Disc Golf Course was opened on March 1 by lan Holz. The following selected events and transactions occurred during March. In vested $20,000 cash in the business. 3 Purchased Rainbow Golf Land for $15,000 cash. The price consists of land $12,000, shed $2,000, and equipment $1,000. (Make one compound entry). Mar 5 Paid advertising expenses of $900. 6 Paid cash $600 for a one-year insurance policy. 10 Purchased golf discs and other equipment for $1,050 from Stevenson Company payable in 30 days. 18 18 Received $1,100 in cash for golf fees (Holz records golf fees as service revenue). 19 Sold 150 coupon books for $10 each. Each book contains 4 coupons that enable the holder to play one round of disc golf. 25 Withdrew $800 cash for personal use. 30 Paid salaries of $250. 30 Paid Stevenson Company in full. 31 Received $2,700 cash for golf fees. Holz Disc Golf uses the following accounts: Cash, Prepaid Insurance, Land, Buildings, Equipment, Accounts Payable, Unearned Service Revenue, Owner's Capital, Owner's Drawing, Service Revenue, Advertising Expense, and Wages Expense. Instructions: Journalize the March transactions.
P2-1A Classified the following accounts as: Owner's Assets Liabiltie s (Cr) Equity (cr) Revenu Expense Drawing (Dr) (Dr) e (Cr) (Dr) Cash Prepaid Insurance Accounts Payable Advertising Expense Utilities Expenses Accounts Receivable Equipment Salaries and Wages Expen Rent Expense Owner's Capital Holz Disc Golf Course was opened on March 1 by lan Holz. The following selected events and transactions occurred during March. In vested $20,000 cash in the business. 3 Purchased Rainbow Golf Land for $15,000 cash. The price consists of land $12,000, shed $2,000, and equipment $1,000. (Make one compound entry). Mar 5 Paid advertising expenses of $900. 6 Paid cash $600 for a one-year insurance policy. 10 Purchased golf discs and other equipment for $1,050 from Stevenson Company payable in 30 days. 18 18 Received $1,100 in cash for golf fees (Holz records golf fees as service revenue). 19 Sold 150 coupon books for $10 each. Each book contains 4 coupons that enable the holder to play one round of disc golf. 25 Withdrew $800 cash for personal use. 30 Paid salaries of $250. 30 Paid Stevenson Company in full. 31 Received $2,700 cash for golf fees. Holz Disc Golf uses the following accounts: Cash, Prepaid Insurance, Land, Buildings, Equipment, Accounts Payable, Unearned Service Revenue, Owner's Capital, Owner's Drawing, Service Revenue, Advertising Expense, and Wages Expense. Instructions: Journalize the March transactions.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Part 3
Transcribed Image Text:P2-1A
Classified the following accounts as:
Owner's
Assets Liabiltie
s (Cr)
Equity
(cr)
Revenu Expense Drawing
(Dr)
(Dr)
e (Cr)
(Dr)
Cash
Prepaid Insurance
Accounts Payable
Advertising Expense
Utilities Expenses
Accounts Receivable
Equipment
Salaries and Wages Expen
Rent Expense
Owner's Capital
Holz Disc Golf Course was opened on March 1 by lan Holz. The following selected events
and transactions occurred during March.
In vested $20,000 cash in the business.
3 Purchased Rainbow Golf Land for $15,000 cash. The price consists of land $12,000,
shed $2,000, and equipment $1,000. (Make one compound entry).
Mar
5 Paid advertising expenses of $900.
6 Paid cash $600 for a one-year insurance policy.
10 Purchased golf discs and other equipment for $1,050 from Stevenson Company
payable in 30 days.
18 18 Received $1,100 in cash for golf fees (Holz records golf fees as service revenue).
19 Sold 150 coupon books for $10 each. Each book contains 4 coupons that enable the
holder to play one round of disc golf.
25 Withdrew $800 cash for personal use.
30 Paid salaries of $250.
30 Paid Stevenson Company in full.
31 Received $2,700 cash for golf fees.
Holz Disc Golf uses the following accounts: Cash, Prepaid Insurance, Land, Buildings,
Equipment, Accounts Payable, Unearned Service Revenue, Owner's Capital, Owner's
Drawing, Service Revenue, Advertising Expense, and Wages Expense.
Instructions:
Journalize the March transactions.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education