Question

P2-1A Frontier Park was started on April 1 by C

P2-1A

Frontier Park was started on April 1 by C. J. Mendez and associates. The following selected events and transactions occurred during April.

Apr. 1 Stockholders invested $40,000 cash in the business in exchange for common stock.
4 Purchased land costing $30,000 for cash.
8 Incurred advertising expense of $1,800 on account.
11 Paid salaries to employees $1,500.
12 Hired park manager at a salary of $4,000 per month, effective May 1.
13 Paid $1,500 cash for a one-year insurance policy.
17 Declared and paid a $1,000 cash dividend.
20 Received $5,700 in cash for admission fees.
25 Sold 100 coupon books for $25 each. Each book contains 10 coupons that entitle the holder to one admission to the park.
30 Received $8,900 in cash admission fees.
30 Paid $900 on balance owed for advertising incurred on April 8.

Mendez uses the following accounts: Cash; Prepaid Insurance; Land; Account Payable; Unearned Admission Revenue; Common stock; Dividends; Admission Revenue; Advertising Expense; and Salaries Expense.

Instructions

Journalize the April transactions. (If there is no transaction, enter No entry as the description and 0 for the amount.)

Date Description/Account Debit Credit
Apr. 1

(Issued shares of stock for cash.)
Apr. 4

(Purchased land for cash.)
Apr. 8

(Incurred advertising expense on account.)
Apr. 11

(Paid salaries.)
Apr. 12

(Hired park manager.)
Apr. 13

(Paid for one-year insurance policy.)
Apr. 17

(Declared and paid cash dividend.)
Apr. 20

(Received cash for services provided.)
Apr. 25

(Received cash for future services.)
Apr. 30

(Received cash for services provided.)
Apr. 30

(Paid creditor on account.)

Link to Text 1Link to Text 2
1 0
Add a comment Improve this question Transcribed image text
Answer #1
many many thank you.for your solution.
answered by: MATHEWS
Add a comment
Answer #2
Apr. 1 Cash $40,000.00
Capital $40,000.00

Apr. 4 Land $30,000.00
Cash $30,000.00

Apr. 8 Advertising $1,800.00
Accounts Payable $1,800.00

Apr. 11 Salaries $1,800.00
Cash $1,800.00

Apr. 13 Prepaid Insurance $1,500.00
Cash $1,500.00

Apr. 17 Drawing $1,000.00
Cash $1,000.00

Apr. 20 Unearned Admission Revenue $5,700.00
Cash $5,700.00

Apr. 25 Admission Revenue $2,500.00
Cash $2,500.00

Apr. 30 Unearned Admission Revenue $8,900.00
Cash $8,900.00

Apr. 30 Accounts Payable $900.00
Cash $900.00
answered by: antoy
Add a comment
Answer #3
Apr. 12 ??
answered by: Jazzy shizzle
Add a comment
Know the answer?
Add Answer to:
P2-1A Frontier Park was started on April 1 by C
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • Problem: Frontier Park was started on April 1 by C. J. Mendez. The following selected events...

    Problem: Frontier Park was started on April 1 by C. J. Mendez. The following selected events a transactions occurred during April. Apr 1 Mendez invested $40,000 cash in the business. 4 Purchased land costing $30,000 for cash. 8 Incurred advertising expense of $1,800 on account. 11 Paid salaries to employees $1,500. 12 Hired park manager at a salary of $4,000 per month, effective May 1 13 Paid $1,500 cash for a one-year insurance policy. 17 Withdrew $1,000 cash for personal...

  • Problem: Frontier Park was started on April 1 by C. J. Mendez. The following selected ever...

    Problem: Frontier Park was started on April 1 by C. J. Mendez. The following selected ever transactions occurred during April. Apr 1 Mendez invested $40,000 cash in the business. 4 Purchased land costing $30,000 for cash. 8 Incurred advertising expense of $1,800 on account. 11 Paid salaries to employees $1,500. 12 Hired park manager at a salary of $4,000 per month, effective May 13 Paid $1,500 cash for a one-year insurance policy. 17 Withdrew $1,000 cash for personal use. 20...

  • Monty Corp. was started on April 1 by R. S. Francis and associates

    Monty Corp. was started on April 1 by R. S. Francis and associates. The following selected events and transactions occurred during April Apr. Apr. 1 Stockholders invested $ 49,300 cash in the business in exchange for common stock.4 Purchased land costing $ 29,300 for cash.8 Incurred advertising expense of $ 1,860 on account.11 Paid salaries to employees $ 1,950.12. Hired park manager at a salary of $ 5,000 per month, effective May 1 .13 Paid $ 1,120 cash for a one-year...

  • this is an assignment to create journals for the 11 transactions in Prob 2-1A. This problem...

    this is an assignment to create journals for the 11 transactions in Prob 2-1A. This problem describes a Park, like Great Americas do for the Apr 25th transaction, you the park is selling an advance ticket book. Also Apr 12th is no transaction. P2-1A Grandview Park was started on April 1 by R. S. Francis and associates. The follow- ing selected events and transactions occurred during April. Apr. 1 Stockholders invested $50,000 cash in the business in exchange for common...

  • Pronghorn Corp was started on April 1 by F. L. Wright and associates. The following selected...

    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...

  • Journalizing and Posting Transactions and Adjustments D. Roulstone opened Roulstone Roofing Service on April 1. Transactions...

    Journalizing and Posting Transactions and Adjustments D. Roulstone opened Roulstone Roofing Service on April 1. Transactions for April follow. Apr 1 Roulstone contributed $11.500 cash to the business in exchange for common stock. 2 Paid 56,100 cash for the purchase of a used truck. 2 Purchased 53.100 of ladders and other equipment the company paid $1.000 cash with the balance due in 30 days. 3 Paid $2,880 cash for two-year (or 24-month) premium toward liability insurance. 5 Purchased $1,200 of...

  • Directions: Journalize the April transactions Atlanta Golf course was opened on April 1 By Kenneth Armstrong...

    Directions: Journalize the April transactions Atlanta Golf course was opened on April 1 By Kenneth Armstrong and associates. The following selected events and transactions occurred during April: April      1. Stockholders Invested $60,000cash in the business in Exchange for common stock. Purchased Jake Golf land for $38,000 cash. The price consists of land $26,000, shed $8,000, and equipment $4,000. (make one compound entry.) 5. Advertised the opening of the driving range and miniature golf course, paying advertising expenses of $1,600...

  • Journalizing and Posting Transactions and Adjustments D. Roulstone opened Roulstone Roofing Service on April 1. Transactions...

    Journalizing and Posting Transactions and Adjustments D. Roulstone opened Roulstone Roofing Service on April 1. Transactions for April follow. Apr.1 Roulstone contributed $34,500 cash to the business in exchange for common stock. Paid $18,300 cash for the purchase of a used truck. Purchased $9,300 of ladders and other equipment; the company paid $1,000 cash, with the balance due in 30 days. Paid $8,640 cash for two-year (or 24-month) premium toward liability insurance. Purchased $3,600 of supplies on credit. Received an...

  • Journalizing and Posting Transactions and Adjustments D. Roulstone opened Roulstone Roofing Service on April 1. Transactions...

    Journalizing and Posting Transactions and Adjustments D. Roulstone opened Roulstone Roofing Service on April 1. Transactions for April follow. Apr.1 Roulstone contributed $34,500 cash to the business in exchange for common stock. Paid $18,300 cash for the purchase of a used truck. Purchased $9,300 of ladders and other equipment; the company paid $1,000 cash, with the balance due in 30 days. Paid $8,640 cash for two-year (or 24-month) premium toward liability insurance. Purchased $3,600 of supplies on credit. Received an...

  • Journalizing and Posting Transactions and Adjustments D. Roulstone opened Roulstone Roofing Service on April 1. Transactions...

    Journalizing and Posting Transactions and Adjustments D. Roulstone opened Roulstone Roofing Service on April 1. Transactions for April follow. Apr.1 Roulstone contributed $11,500 cash to the business in exchange for common stock. 2 Paid $6,100 cash for the purchase of a used truck. 2 Purchased $6,200 of ladders and other equipment; the company paid $1,000 cash, with the balance due in 30 days. 3 Paid $2,880 cash for two-year (or 24-month) premium toward liability insurance. 5 Purchased $1,200 of supplies...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT