Question

Holz Disc Golf Course was opened on March 1 by Mountain Holz. The following selected events and transactions occurred during March.

Mar. 1 Invested $ 20,000 cash in the business.

3 Purchased Rainbow Golf Land for $ 13,000 cash. The price consists of land $ 10,200, shed $ 1,800, and equipment $ 1.000. (Make one compound entry.)

5 Paid advertising expenses of $ 600.

6 Paid cash $ 640 for a one-year insurance policy.

10 Purchased golf discs and other equipment for $ 1,000 from Stevenson Company payable in 30 days.

18 Received $ 1,300 in cash for golf fees (Holz records golf fees as service revenue).

19 Sold 200 coupon books for $ 10 each. Each book contains 4 coupons that enable the holder to play one round of disc golf.

25 Withdrew $ 900 cash for personal use.

30 Paid salaries of $ 400.

30 Paid Stevenson Company in full.

31 Received $ 2,100 cash for golf fees,

Journalize the March transactions

Answer 1

Date	Account Titles and explanations	Debit	Credit
1-Mar	Cash	$ 20,000.00
	Owner's Capital		$ 20,000.00
	Invested cash in the business
3-Mar	Land	$ 10,200.00
	Shed	$   1,800.00
	Equipment	$   1,000.00
	Cash		$ 13,000.00
	Purchased land shed and equipment
5-Mar	Adverising Expenses	$      600.00
	Cash		$      600.00
	Paid cash for Adverising Expenses
6-Mar	Prepaid Insurance	$      640.00
	Cash		$      640.00
	(Paid cash for 1 year Insurance policy)
10-Mar	Equipment	$   1,000.00
	Accounts payable		$   1,000.00
	(Purchased Equiment on account)
18-Mar	Cash	$   1,300.00
	Service Revenue		$   1,300.00
	(Recived Cash for Golf Fees)
19-Mar	Cash	$   2,000.00
	Unearned Service Revenue		$   2,000.00
	(Sold Coupon in cash 200 x 10 = $2000)
25-Mar	Owner's Drawing	$      900.00
	Cash		$      900.00
	(Withdraw cash for personal use)
30-Mar	Salaries Expenses	$      400.00
	Cash		$      400.00
	Paid Salaries Expenses
30-Mar	Accounts Payable	$   1,000.00
	Cash		$   1,000.00
	(Paid Creditors on Account)
31-Mar	Cash	$   2,100.00
	Service Revenue		$   2,100.00
	(Recived Cash for Golf Fees)

Answer 2

Holz Disc Golf Course was opened on March 1 by Brothers Holz. The following selected events and transactions occurred during March. Mar. 1 Invested $21,000 cash in the business. 3 Purchased Rainbow Golf Land for $16,000 cash. The price consists of land $12,700, shed $2,200, and equipment $1,100. (Make one compound entry.) 5 Paid advertising expenses of $600 . 6 Paid cash $540 for a one-year insurance policy. 10 Purchased golf discs and other equipment for $1,200 from Stevenson Company payable in 30 days. 18 Received $1,100 in cash for golf fees (Holz records golf fees as service revenue). 19 Sold 100 coupon books for $10 each. Each book contains 4 coupons that enable the holder to play one round of disc golf. 25 Withdrew $900 cash for personal use. 30 Paid salaries of $300. 30 Paid Stevenson Company in full. 31 Received $1,800 cash for golf fees.