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Evergreen Campground was started on June 1 by Jolene and David Collier. The following selected events and transactions occurred during June.
June 1
Invested $150,000 cash in the business in exchange for common stock.
4
Purchased land costing $40,000 for cash.
8
Incurred advertising expense of $3,500 on account.
11
Paid salaries to employees $1,500.
12
Hired Campground manager at a salary of $5,000 per month, effective July 15.
13
Paid $2,000 for a one-year insurance policy.
20
Received $9,000 in cash for admission fees.
30
Received $5,000 in cash for admission fees.
Paid $1,000 on account for advertising incurred on June 8.
Evergreen uses the following accounts: Cash; Prepaid Insurance; Land; Accounts Payable; Unearned Admissions; Common mission Revenue Advertising Expense; and Salaries Expense.
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