Gold Rush Park was started on April 1 by Neil Young. These selected events and transactions occurred during April:

Apr. 1 Stockholders invested $60,000 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, $1,700.

12 Hired park manager at a salary of $4,000 per month, effective May 1.

13. Paid $3,000 for a 1-year insurance policy.

17 Paid $600 cash dividends.

20 Received $5,700 in cash for admission fees.

25 Sold 100 coupon books for $25 each. Each book contains ten coupons that entitle the holder to one admission to the park. [Hint: The revenue is not earned until the coupons are used. ]

30 Received $7,900 in cash admission fees.

30 Paid $700 on account for advertising incurred on April 8.

The company uses the following accounts: Cash, Prepaid Insurance, Land, Accounts Payable, Unearned Admissions, Common Stock, Dividends, Admission Revenue, Advertising Expense, and Salaries Expense.

Instructions Journalize the April transactions, including explanations.