P2-1A Frontier Park was started on April 1 by C. J. Mendez and associates. The following se¬

lected events and transactions occurred during April.

Apr. 1 4

8 11 12 13 17 20 25 30 30 Stockholders invested $40,000 cash in the business in exchange for common stock.

Purchased land costing $30,000 for cash.

Incurred advertising expense of $1,800 on account.

Paid salaries to employees $1,500.

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

Paid $1,500 cash for a one-year insurance policy.

Declared and paid a $1,000 cash dividend.

Received $5,700 in cash for admission fees.

Sold 100 coupon books for $25 each. Each book contains 10 coupons that entitle the holder to one admission to the park.

Received $8,900 in cash admission fees.

Paid $900 on balance owed for advertising incurred on April 8.

Journalize a series of transactions.

(SO 2, 4)

I

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Mendez uses the following accounts: Cash; Prepaid Insurance; Land; Accounts Payable;

Unearned Admission Revenue; Common Stock; Dividends; Admission Revenue; Advertising Expense; and Salaries Expense.