Question

View Policies Current Attempt in Progress Whispering Winds's Miniature Golf and Driving Range Inc. was opened on March 1 by Bob Dean. These selected events and transactions occurred during March. Mar. 1 3 5 6 10 18 19 Stockholders invested $69,500 cash in the business in exchange for common stock of the corporation. Purchased Snead's Golf Land for $42,700 cash. The price consists of land $24,000, building $8,580, and equipment $10,120. (Record this in a single entry.) Advertised the opening of the driving range and miniature golf course, paying advertising expenses of $1,630 cash. Paid cash $4,950 for a 1-year insurance policy. Purchased golf clubs and other equipment for $5,650 from Tahoe Company, payable in 30 days. Received golf fees of $1,850 in cash from customers for golf services performed. Sold 120 coupon books for $15 each in cash. Each book contains 10 coupons that enable the holder to play one round of miniature golf or to hit one bucket of golf balls. (Hint: The revenue should not be recognized until the customers use the coupons.) Paid a $410 cash dividend. Paid salaries of $740. Paid Tahoe Company in full for equipment purchased on March 10. Received $880 in cash from customers for golf services performed. 25 30 30 31 Journalize the March transactions. Whispering Winds's records golf fees as service revenue. (If no entry is required, select "No Entry"

Answer 1

Journal entries

Date	General Journal	Debit	Credit
Mar 1	Cash	69500
	Common Stock		69500
Mar 3	Land	24000
	Building	8580
	Equipment	10120
	cash		42700
Mar 5	Advertising expense	1630
	Cash		1630
Mar 6	Prepaid insurance	4950
	Cash		4950
Mar 10	Golf club and equipment	5650
	Account payable		5650
Mar 18	Cash	1850
	Service revenue		1850
Mar 19	Cash (120*15)	1800
	Unearned revenue		1800
Mar 25	Cash dividend	410
	Cash		410
Mar 30	Salaries expense	740
	Cash		740
Mar 31	Account payable	5650
	Cash		5650
Mar 31	Cash	880
	Service revenue		880