Question

Pronghorn Corp was started on April 1 by F. L. Wright and associates. The following selected events and transactions occurred during April.

Pronghorn Corp was started on April 1 by F. L. Wright and associates. The following selected events and transactions occurred during April. Apr. 1 Shareholders invested €48,896 cash in the business in exchange for ordinary shares. 4 Purchased land costing €30,401 for cash. 8 Incurred advertising expense of €1,705 on account. 11 Paid salaries to employees €1,579. 12 Hired park manager at a salary of €4,856 per month, effective May 1. 13 Paid €1,085 cash for a one-year insurance policy. 17 Declared and paid a €1,237 cash dividend. 20 Received €5,543 in cash for admission fees. 25 Sold 150 coupon books for €30 each. Each book contains 10 coupons that entitle the holder to one admission to the park. 30 Received €8,375 in cash admission fees. 30 Paid €875 on balance owed for advertising incurred on April 8. Pronghorn Corp uses the following accounts: Cash, Prepaid Insurance, Land, Accounts Payable, Unearned Service Revenue, Share Capital-Ordinary, Dividends, Service Revenue, Advertising Expense, and Salaries and Wages Expense. Journalize the April transactions. (Record entries in the order displayed in the problem statement. 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.) Date Account Titles and Explanation Debit Credit (Issued shares for cash) (Purchased land for cash) NORM THE (Incurred advertising expense on account) (Paid salaries)