Question # 2
Fantasy Miniature Golf and Driving Range Inc. Was opened on March 1, by
Michelle and Dolores. These selected events and
transactions occurred during
Stockholders invested $60,000 cash in the business in exchange for
common stock of the corporation.
Purchased Lee's Golf Land for $38,000 cash. The price consists
$23,000, building $9,000, and equipment $6,000. (Record
this in a single
Advertised the opening of the driving range and miniature golf course,
paying advertising expenses of $1,600 cash.
Paid cash $1,480 for a 1-year insurance policy.
Purchased golf clubs and other equipment for $1,600 from Tiger
payable in 30 days.
Received golf fees of $800 in cash for golf fees earned
Sold 100 coupon books for $15.00 each in cash. Each book Contains ten
coupons that enable the holder to play one round of
Miniature golf or to
hit one bucket of golf balls.
The Revenue is not earned until the
customers use the coupons.]
Declared and paid a $500 cash dividend.
Paid salaries of $600.
Paid Tiger Company in full.
Received $800 of fees in cash.
The company uses these accounts:-
Account payable,Prepaid Insurance, Unearned revenue, Land ,
Common stock ,Buildings , Retain Earning, Equipment, Dividends
advertising Expens , and Salaries Expense.
Journalize the March transactions
Post the transaction use a T account .
Prepare the trial balance