Ch02 - exercise set c

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Unformatted text preview: PROBLEMS: SET C P2-1C EZpar Miniature Golf and Driving Range was opened on March 1 by Arnold Nicholas. The following selected events and transactions occurred during March: Mar. 1 Invested $50,000 cash in the business. 3 Purchased Tees Golf Land for $38,000 cash. The price consists of land $23,000, build- ing $9,000, and equipment $6,000. (Make one compound entry.) 5 Advertised the opening of the driving range and miniature golf course, paying adver- tising expenses of $1,600. 6 Paid cash $1,480 for a one-year insurance policy. 10 Purchased golf clubs and other equipment for $2,600 from Woods Company payable in 30 days. 18 Received $800 in cash for golf fees earned. 19 Sold 100 coupon books for $15 each. Each book contains 10 coupons that enable the holder to play one round of miniature golf or to hit one bucket of golf balls. 25 Withdrew $2,000 cash for personal use. 30 Paid salaries of $600. 30 Paid Woods Company in full. 31 Received $500 cash for fees earned. Arnold Nicholas uses the following accounts: Cash; Prepaid Insurance; Land; Buildings; Equipment; Accounts Payable; Unearned Revenue; Arnold Nicholas, Capital; Arnold Nicholas, Drawing; Golf Revenue;Advertising Expense; and Salaries Expense. Instructions Journalize the March transactions. P2-2C Jessica Alba is a licensed architect. During the first month of the operation of her busi- ness, the following events and transactions occurred. April 1 Invested $30,000 cash. 1 Hired a secretary-receptionist at a salary of $500 per week payable monthly. 2 Paid office rent for the month $800. 3 Purchased architectural supplies on account from Angel Company $1,500. 10 Completed blueprints on a carport and billed client $1,200 for services. 11 Received $500 cash advance from D. Ellington for the design of a new home....
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