Question

CALCULATOR PRINTER VERS Exercise 3-17 Bramble 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 $52,900 cash in the business in exchange for common stock 3 Purchased Michelle Wie's Golf Land for $38,020 cash. The price consists of land $10,850, building $20,860, and equipment $6,310. (Make one compound entry) 5 Advertised the opening of the driving range and miniature golf course, paying advertising expenses of $1,499 6 Paid cash $1,479 for a one-year insurance policy. 10 Purchased golf equipment for $2,400 from Singh Company, payable in 30 days. 18 Received golf fees of $1,165 in cash. 25 Declared and paid a $470 cash dividend. 30 Paid wages of $884. 30 Paid Singh Company in full 31 Received $821 of fees in cash Bramble uses the following accounts: Cash, Prepaid Insurance, Land, Buildings, Equipment, Accounts Payable, Common Stock Dividend Service Revenue, Advertising Expe and Wages Expense Journalize the March transactions. (Use Service Revenue account to record fees) (Credit account titles are automatically indented when amount is entered. Do not

Answer 1

JOURNAL ENTRIES

DATE	ACCOUNTS TITLE	DEBIT	CREDIT
March 1	Cash	52,900
	To Common stock		52,900
Invested in cash in exchange of common stock
3	Land	10,850
	Building	20,860
	Equipment	6,310
	To Cash		38,020
Purchased Michelle Wie's Golf land
5	Advertising expenses	1,499
	To Cash		1,499
	Advertised the opening of driving range and golf course
6	Prepaid Insurance	1,479
	To Cash		1,479
	Paid for one year insurance policy
10	Equipment	2,400
	To Accounts payable		2,400
	Purchased equipment from singh company
18	Cash	1,165
	To service revenue		1,165
	Received golf fees
25	Divident	470
	To cash		470
	Paid divident
30	Wages Expenses	884
	To cash		884
	Paid wages
30	Accounts Payable	2,400
	To Cash		2,400
Paid to singh company in full.
31	Cash	821
	To service revenue		821
	Received golf fees