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The Adventure Miniature Golf and Driving Range Inc opened on May 1 The following selected events and transactions occurred during May May 1 Issued common shares for $120000 cash

The Adventure Miniature Golf and Driving Range, Inc. opened on May 1. The following selected events and transactions occurred during May: May 1 Issued common shares for $120,000 cash. 4 Purchased Henry’s Golf Land for $270,000. The price consists of land $125,000; buildings $100,000; and equipment $45,000. Paid cash of $100,000 and signed a mortgage payable for the balance. 4 Paid $1,500 for a one-year insurance policy; coverage begins next month. 5 Advertised the opening of the driving range and miniature golf course, paying advertising expenses of $800. 6 Purchased golf clubs and other equipment for $9,000 on account from Titleist Corporation. 18 Received $8,800 from customers for golf fees earned. 20 Paid dividends of $1,000 to shareholders. 22 Received $1,200 from a school board that paid for students’ golf lessons that will be given in June. 29 Paid Titleist Corporation in full for equipment purchased on May 6. 30 Paid $800 of interest on the mortgage payable. 30 Paid salaries of $3,400. Instructions Journalize the May transactions View Solution:

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