Reference no: EM132639683
Splish Brothers Inc. was opened on March 1 by Phil Woods. The following selected events and transactions occurred during March:
March 1 Invested $78,300 cash in the business in exchange for common shares.
3 Purchased Mickey Mickelson's Golf Land for $65,870 cash. The price consists of $2,570 for March rent that was already paid on a storage warehouse; land, $18,200; buildings, $32,000; and equipment, $13,100
5 To advertise the new driving range, Splish Brothers sponsored and paid for an open house costing $6,850.
6 Paid $2,260 cash for a one-year insurance policy.
10 Purchased golf equipment for $5,420 from Marigold Corp., payable in 30 days.
18 Earned fees of $3,440, which were billed on account.
25 Declared and paid a $1,610 cash dividend.
28 Incurred and paid salaries and wages expense of $2,140.
30 Paid rent for the month of April in the amount of $2,490.
31 Received fees of $890 related to a golf tournament that will take place in April.
Woods uses the following accounts for his company: Cash; Prepaid Insurance; Prepaid Rent; Land; Buildings; Equipment; Accounts Payable; Unearned Revenue; Common Shares; Dividends; Service Revenue; Advertising Expense; Rent Expense; and Salaries and Wages Expense.
Problem 1: Journalize the March transactions.