Reference no: EM13517010

Four Oaks Miniature Golf and Driving Range Inc. was opened on March 1 by Tiger Woodley. These selected events and transactions occurred during March.

Mar. 1 Stockholders invested $50,000 cash in the business in exchange for common stock of the corporation.

3 Purchased Arnie's Golf Land for $38,000 cash. The price consists of land $23,000, building $9,000, and equipment $6,000. (Record this in a single entry.)

5 Advertised the opening of the driving range and miniature golf course, paying advertising expenses of $1,600 cash.
6 Paid cash $2,400 for a 1-year insurance policy.
10 Purchased golf clubs and other equipment for $4,700 From Golden Bear Company, payable in 30 days.
18 Received golf ices of $1,200 in cash from customers for golf fees earned.
19 Sold 100 coupon books for $25 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. (Hint: The revenue is not earned until the customers use the coupons.)
25 Paid a $500 cash dividend.
30 Paid salaries of $700.
30 Paid Golden Bear Company in full for equipment purchased on March 10.
31 Received $800 in cash from customers for golf fees earned.

The company uses these accounts: Cash, Prepaid Insurance, Land, Buildings, Equipment, Accounts Payable, Unearned Golf Revenue, Common Stock, Retained Earnings, Dividends, Golf Revenue, Advertising Expense, and Salaries Expense.

Instructions

Journalize the March transactions, including explanations