(Transactions of a Corporation, Including Investment and Dividend) Scratch 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 Invested $50,000 cash in the business in exchange for common stock.Mar 3 Purchased Michelle Wie’s Golf Land for $38,000 cash. The price consists of land $10,000, building $22,000, and equipment $6,000. (Make one compound entry.)Mar 5 Advertised the opening of the driving range and miniature golf course, paying advertising expenses of $1,600.Mar 6 Paid cash $1,480 for a one-year insurance policy.Mar 10 Purchased golf equipment for $2,500 from Singh Company, payable in 30 days.Mar 18 Received golf fees of $1,200 in cash.Mar 25 Declared and paid a $500 cash dividend.Mar 30 Paid wages of $900.Mar 30 Paid Singh Company in full.Mar 31 Received $750 of fees in cash.Scratch uses the following accounts: Cash, Prepaid Insurance, Land, Buildings, Equipment, Accounts Payable, Common Stock, Dividends, Service Revenue, Advertising Expense, and Salaries and Wages Expense. InstructionsJournalize the March transactions. (Provide explanations for the journal entries.)
(Transactions of a Corporation, Including Investment and Dividend) Scratch 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 Invested $50,000 cash in the business in exchange for common stock.
Mar 3 Purchased Michelle Wie’s Golf Land for $38,000 cash. The price consists of land $10,000, building $22,000, and equipment $6,000. (Make one compound entry.)
Mar 5 Advertised the opening of the driving range and miniature golf course, paying advertising expenses of $1,600.
Mar 6 Paid cash $1,480 for a one-year insurance policy.
Mar 10 Purchased golf equipment for $2,500 from Singh Company, payable in 30 days.
Mar 18 Received golf fees of $1,200 in cash.
Mar 25 Declared and paid a $500 cash dividend.
Mar 30 Paid wages of $900.
Mar 30 Paid Singh Company in full.
Mar 31 Received $750 of fees in cash.
Scratch uses the following accounts: Cash, Prepaid Insurance, Land, Buildings, Equipment, Accounts Payable, Common Stock, Dividends, Service Revenue, Advertising Expense, and Salaries and Wages Expense.
Instructions
Journalize the March transactions. (Provide explanations for the
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