1. Hometown Miniature Gold and Driving Range Inc. was opened on March 1 by Happy Gilmore. These selected events and transactions occurred during March. March 1 Stockholders invested $60,000 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 gold 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 $3,700 from Golden Bear Company, payable in 30 days. 18 Received golf fees of $1,200 in cash from customers for golf fees earned. 19 Sold 100 coupon books for $20 each in cash. Each book contains ten coupons that enable the 25 30 30 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) Declared and paid a $500 cash dividend. Paid salaries of $700 Paid Golden Bear Company in full for equipment purchased on March 10. Received $800 of fees in cash from customers for golf fees earned. 31 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. 2. The ledger of Reliable Rental Agency on March 31 of the current year includes these selected accounts before adjusting entries have been prepared. Credits Debits $3,600 3,000 25,000 Prepaid Insurance Supplies Equipment Accumulated Depreciation - Equipment Notes Payable Unearned Rent Revenue Rent Revenue Interest Expense Wage Expense $ 8,400 20,000 10,200 60,000 14,000 An analysis of the accounts shows the following: 1. The equipment depreciates $250 per month. 2. Half of the unearned rent revenue was earned during the quarter. 3. Interest of $440 is accrued on the notes payable. 4. Supplies on hand total $850. 5. Insurance expires at the rate of $300 per month. Instructions: Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly. Additional accounts are: Depreciation Expense, Insurance Expense, Interest Payable, and Supplies Expense