Question

Wildhorse Miniature Golf and Driving Range Inc. was opened on March 1 by Michael Wear. These selected events and transactions occurred during March.

Mar.	1		Shareholders invested $45,800 cash in the business in exchange for common shares of the corporation.
	3		Purchased Arnie's Golf Land for $36,200 cash. The price consists of land $21,800, building $9,000, and equipment $5,400.
	5		Advertised the opening of the driving range and miniature golf course, paying advertising expenses of $1,600 cash.
	6		Paid cash $2,200 for a 1-year insurance policy.
	10		Purchased golf clubs and other equipment for $4,900 from Golden Bear Company, payable in 30 days.
	18		Received golf fees of $1,000 in cash from customers for golf fees earned.
	19		Sold 100 coupon books for $23 each in cash. Each book contains ten coupons that enable the holder to play one round of miniature golf or to hit one bucket of golf balls. (Hint: The revenue is not earned until the customers use the coupons.)
	25		Declared and paid a $470 cash dividend.
	30		Paid salaries of $640.
	30		Paid Golden Bear Company in full for equipment purchased on March 10.
	31		Received $800 in cash from customers for golf fees earned.
	31		Paid estimated income taxes for the month amounting to $90.

The company uses these accounts: Cash, Prepaid Insurance, Land, Buildings, Equipment, Accounts Payable, Unearned Revenue, Common Shares, Retained Earnings, Dividends Declared, Service Revenue, Advertising Expense, Salaries Expense, and Income Tax Expense.

repare journal entries to record the March transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.)

Date	Account Titles and Explanation	Debit	Credit
	(To record payment of salaries)
	(To record payment of equipment purchased)
	(To record cash received from customers)
	(To reocord payment of income tax)

Answer 1

Journal entries for the march transactions I are as follows: Date Account Ti Hes and Explaination Debit (3) Credit(s) match cash 45,800 To common shares 45,800 Creing recorded cash invested in common shares) march Land 21,800 1 3 Building 9000 Equipment 5,400 To cash (Being purchase of Land Building and equipment recorded) 36200 march 1600 1600 Advertising expenses To cash Ceeing ad vestising expenses paid) March 2,200 Prepaid Insurance To Cash Being insurance 2,200 policy paid) 4900 march 1 10 4900 Equipment To Account payable (Being equipment purchased en credit) 1000 march cash 18 To service Revenue 1000 (Being golf feer received) orch cash (1008823) 2300 19 To Unearned service Revenue Being coupon book sold for 2 300

47o 470 march dividend 25 To cash Being dividend paid in cash) 640 march salaries 30 To cash Being salaries paid) 640 4900 80o manch Account payable 4900 30 To cash (Being payment of is quipment purchase is made) march cash 800 31 . To service Revenue Being golf fees Receiped) march Income Tax Expenses 90 I To cash Being Income tax expenses paid 3) 90