Question

Concord'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 Stockholders invested $68,500 cash in the business in exchange for common stock of the corporation. 3 Purchased Snead's Golf Land for $42,800 cash. The price consists of land $24,300, building $9,730, and equipment $8,770. (Record this in a single entry.) s Advertised the opening of the driving range and miniature golf course, paying advertising expenses of $2,120 cash. 6 Pald cash $2,700 for a 1-year insurance policy. 10 Purchased golf clubs and other equipment for $5,800 from Tahoe Company, payable in 30 days. 18 Received golf fees of $1,850 in cash from customers for golf services performed. 19 Sold 100 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.) 25 Paid a $600 cash dividend. 30 Paid salaries of $780. 30 Paid Tahoe Company in full for equipment purchased on March 10. 31 Received $800 in cash from customers for golf services performed. Journalize the March transactions. Concord's records golf fees as service revenue. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Version 4.24.20.1 12 John wil Inc. All Rights Reserved. A Division of John Wiley & Sons, Inc.

Answer 1

Requirement: Journalize the march transactions.Concord's record golf fees as service revenue

Date	Account Titles and Explanation	Debit	Credit
Mar 1	Cash	$68,500
	Common Stock		$68,500
	(To record issue of shares of common stock)
Mar. 3	Land	$24,300
	Building	$9,730
	Equipment	$8,770
	Cash		$42,800
	(To record purchase of Land, Building & Equipment)
Mar. 5	Advertising expense	$2,120
	Cash		$2,120
	(To record advertising expense)
Mar. 6	Prepaid Insurance	$2,700
	Cash		$2,700
	(To record payment of insurance)
Mar. 10	Golf club and Equipment	$5,800
	Account Payable		$5,800
	(To record purchase of Golf club and Equipment)
Mar. 18	Cash	$1,850
	Revenue from golf services		$1,850
	(To record revenue)
Mar. 19	Cash (100 * $15)	$1,500
	Unearned Revenue		$1,500
	(To record unearned revenue)
Mar. 25	Dividend	$600
	Cash		$600
	(To record the payment of dividend)
Mar. 30	Salaries Expense	$780
	Cash		$780
	(To record the payment of Salaries)
Mar. 30	Account Payable	$5,800
	Cash		$5,800
	(To record the payment of purhcase)
Mar. 31	Cash	$800
	Revenue from golf services		$800
	(To record the revenue from golf services)

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