Sheffield’s Miniature Golf and Driving Range Inc. was opened on March 1 by Bob Dean. These selected events and transactions occurred during March. Mar. 1 Stockholders invested $ 61,500 cash in the business in exchange for common stock of the corporation. 3 Purchased Snead’s Golf Land for $ 46,800 cash. The price consists of land $ 22,300, building $ 8,230, and equipment $ 16,270. (Record this in a single entry.) 5 Advertised the opening of the driving range and miniature golf course, paying advertising expenses of $ 1,430 cash. 6 Paid cash $ 4,300 for a 1-year insurance policy. 10 Purchased golf clubs and other equipment for $ 5,450 from Tahoe Company, payable in 30 days. 18 Received golf fees of $ 3,000 in cash from customers for golf services performed. 19 Sold 125 coupon books for $ 20 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.) 25 Paid a $ 610 cash dividend. 30 Paid salaries of $ 900. 30 Paid Tahoe Company in full for equipment purchased on March 10. 31 Received $ 980 in cash from customers for golf services performed. Journalize the March transactions. Sheffield’s records golf fees as service revenue. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit choose a transaction date enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount choose a transaction date enter an account title for the journal entry on March 3 enter a debit amount enter a credit amount enter an account title for the journal entry on March 3 enter a debit amount enter a credit amount enter an account title for the journal entry on March 3 enter a debit amount enter a credit amount enter an account title for the journal entry on March 3 enter a debit amount enter a credit amount choose a transaction date enter an account title enter a debit amount enter a credit amount enter an account title

Sheffield’s Miniature Golf and Driving Range Inc. was opened on March 1 by Bob Dean. These selected events and transactions occurred during March. Mar. 1 Stockholders invested $ 61,500 cash in the business in exchange for common stock of the corporation. 3 Purchased Snead’s Golf Land for $ 46,800 cash. The price consists of land $ 22,300, building $ 8,230, and equipment $ 16,270. (Record this in a single entry.) 5 Advertised the opening of the driving range and miniature golf course, paying advertising expenses of $ 1,430 cash. 6 Paid cash $ 4,300 for a 1-year insurance policy. 10 Purchased golf clubs and other equipment for $ 5,450 from Tahoe Company, payable in 30 days. 18 Received golf fees of $ 3,000 in cash from customers for golf services performed. 19 Sold 125 coupon books for $ 20 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.) 25 Paid a $ 610 cash dividend. 30 Paid salaries of $ 900. 30 Paid Tahoe Company in full for equipment purchased on March 10. 31 Received $ 980 in cash from customers for golf services performed. Journalize the March transactions. Sheffield’s records golf fees as service revenue. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit choose a transaction date enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount choose a transaction date enter an account title for the journal entry on March 3 enter a debit amount enter a credit amount enter an account title for the journal entry on March 3 enter a debit amount enter a credit amount enter an account title for the journal entry on March 3 enter a debit amount enter a credit amount enter an account title for the journal entry on March 3 enter a debit amount enter a credit amount choose a transaction date enter an account title enter a debit amount enter a credit amount enter an account title

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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Question

Sheffield’s Miniature Golf and Driving Range Inc. was opened on March 1 by Bob Dean. These selected events and transactions occurred during March.

Mar. 1		Stockholders invested $ 61,500 cash in the business in exchange for common stock of the corporation.
3		Purchased Snead’s Golf Land for $ 46,800 cash. The price consists of land $ 22,300, building $ 8,230, and equipment $ 16,270. (Record this in a single entry.)
5		Advertised the opening of the driving range and miniature golf course, paying advertising expenses of $ 1,430 cash.
6		Paid cash $ 4,300 for a 1-year insurance policy.
10		Purchased golf clubs and other equipment for $ 5,450 from Tahoe Company, payable in 30 days.
18		Received golf fees of $ 3,000 in cash from customers for golf services performed.
19		Sold 125 coupon books for $ 20 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.)
25		Paid a $ 610 cash dividend.
30		Paid salaries of $ 900.
30		Paid Tahoe Company in full for equipment purchased on March 10.
31		Received $ 980 in cash from customers for golf services performed.

Journalize the March transactions. Sheffield’s records golf fees as service revenue. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)

Date

Account Titles and Explanation

Debit

Credit

choose a transaction date

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

choose a transaction date

enter an account title for the journal entry on March 3

enter a debit amount

enter a credit amount

enter an account title for the journal entry on March 3

enter a debit amount

enter a credit amount

enter an account title for the journal entry on March 3

enter a debit amount

enter a credit amount

enter an account title for the journal entry on March 3

enter a debit amount

enter a credit amount

choose a transaction date

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

choose a transaction date

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

choose a transaction date

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

choose a transaction date

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

choose a transaction date

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

choose a transaction date

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

choose a transaction date

enter an account title to record salaries payment

enter a debit amount

enter a credit amount

enter an account title to record salaries payment

enter a debit amount

enter a credit amount

(Paid salaries expense)

choose a transaction date

enter an account title to record the payment to the creditor on account

enter a debit amount

enter a credit amount

enter an account title to record the payment to the creditor on account

enter a debit amount

enter a credit amount

(Paid creditor on account)

choose a transaction date

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

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