RV Haven was started on April 1 by Don Patter. These selected events and trans- Journalize a series of actions occurred during April. transactions.

(S@weres)

Apr. 1 Stockholders invested $75,000 cash in the business in exchange for [6Ls|

common stock.

4 Purchased land costing $50,000 for cash.

8 Purchased advertising in local newspaper for $1,200 on account.

11 Paid salaries to employees $1,700.

12 Hired park manager at a salary of $3,000 per month, effective May 1. 13. Paid $6,000 for a 1-year insurance policy. 17. Paid $600 cash dividends.

20 Received $5,000 in cash from customers for admission fees.

25 Sold 100 coupon books for $70 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 from customers for admission fees.

30 Paid $500 of the balance owed for the advertising purchased on account 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.