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Holz Disc Golf Course was opened on March 1 by Ian Holz. The following selected events and transactions occurred during March. Mar. 1 Invested $20,000 cash in the business. 3 Purchased Rainbow

Holz Disc Golf Course was opened on March 1 by Ian Holz. The following selected events and transactions occurred during March.

Mar.

1

Invested $20,000 cash in the business.

 

3

Purchased Rainbow Golf Land for $15,000 cash. The price consists of land $12,000, shed $2,000, and equipment $1,000. (Make one compound entry.)

 

5

Paid advertising expenses of $900.

 

6

Paid cash $600 for a one-year insurance policy.

 

10

Purchased golf discs and other equipment for $1,050 from Stevenson Company payable in 30 days.

 

18

Received $1,100 in cash for golf fees (Holz records golf fees as service revenue).

 

19

Sold 150 coupon books for $10 each. Each book contains 4 coupons that enable the holder to play one round of disc golf.

 

25

Withdrew $800 cash for personal use.

 

30

Paid salaries of $250.

 

30

Paid Stevenson Company in full.

 

31

Received $2,700 cash for golf fees.

Holz Disc Golf uses the following accounts: Cash, Prepaid Insurance, Land, Buildings, Equipment, Accounts Payable, Unearned Service Revenue, Owner's Capital, Owner's Drawings, Service Revenue, Advertising Expense, and Salaries and Wages Expense.

Journalize the March transactions.

Jun 16 2021 View more View Less

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