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PROBLEMS: SET A Journalise a series of Transactions. (LO 1,2) GLS P2-1A Holz Disc Golf Course was opened on March 1 by lan Ho
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Answer #1

Solution: Journal Entries

(Amounts in $)

Date

Particulars

Debit

Credit

March 01

Cash A/c          Dr.

      To Owner’s Capital A/c

(Being capital invested in the business)

20,000

20,000

March 03

Land A/c                    Dr.

Building A/c               Dr.

Equipment A/c           Dr.

      To Cash A/c

(Being land, shed and equipment purchased)

12,000

2,000

1,000

15,000

March 05

Advertising Expenses A/c         Dr.

           To Cash A/c

(Being advertising expenses paid)

900

900

March 06

Prepaid Insurance A/c              Dr.

         To Cash A/c

(Being payment for 1-year insurance policy made)

600

600

March 10

Equipment A/c               Dr.

       To Accounts Payable (Stevenson) A/c

(Being equipment purchased on 30 days of credit)

1,050

1,050

March 18

Cash A/c               Dr.

      To Service Revenue A/c

(Being golf fees has been received)

1,100

1,100

March 19

Cash A/c             Dr.

        To Unearned Service Revenue A/c

(Being 150 coupon book sold for $10 each)

1,500

1,500

March 25

Cash A/c              Dr.

     To Owner’s Drawings A/c

(Being cash withdrawn for personal use)

800

800

March 30

Salaries and Wages Expenses A/c      Dr.

      To Cash A/c

(Being salaries paid)

250

250

March 30

Accounts Payable (Stevenson) A/c         Dr.

        To Cash A/c

(Being Stevenson co. paid full)

1,050

1,050

March 31

Cash A/c             Dr.

        To Service Revenue A/c

(Being golf fees received)

2,700

2,700

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Answer #2
On March 31 owner's drawings to be recorded Dr and Cash recorded Cr
answered by: Effat Afify
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