Reference no: EM132524843
Question - The Arid Sands Golf Club was opened for business on 1 July by Todd Simpson. The following selected events and transactions occurred during the first month of operations.
July 1 The owner invested $2 500 000 cash into the business.
July 3 Acquired the business of Jeffrey's Golf World for $1 800 000 cash. The price consisted of land $1 000 000, building $650 000, and equipment $150 000.
July 6 Advertised the opening of the golf course, paying advertising expenses of $36 000 for a major television campaign.
July 10 Paid cash $36 000 for a 1-year insurance policy.
July 18 Purchased new golfing equipment for $60 000 from Rory Golfing, payable in 30 days.
July 19 Received golf membership fees of $22 000 in cash.
July 25 Sold 200 coupon books for $400 each. Every book contains 10 coupons each of which entitles the holder to one round of golf.
July 27 Simpson withdrew $10 000 cash for personal use.
July 29 Paid wages of $12 600.
July 30 Paid Rory Golfing in full.
July 31 Received $12 000 cash for golf fees.
Required - Prepare general journal entries for the month of July, using appropriate account titles. Assume that a GST of 10% needs to be added for all appropriate transactions.
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