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Unformatted text preview: P2-1AFrontier 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....
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This note was uploaded on 07/28/2010 for the course ACC ACC101 taught by Professor Mrsmith during the Spring '08 term at Acton School of Business.
- Spring '08