1. Record the transactions that follow in the general journal for the month of August. 2. Create the unadjusted trial balance. (Hint: Make t-accounts and post the general journal entries to the t-accounts to come up with balances for each account PRIOR to making the unadjusted trial balance)

Chart of Accounts Assets 111 Cash Revenues 112 A/R 411 Golf Revenue 113 Alllowance for Doubtful Accounts 114 Concession Supplies Expenses 115 Prepaid Insurance 511 Concession Supplies Expense 116 Prepaid Other 512 Salaries & Wages Expense 121 Land 513 Marketing & Advertising Expense 125 Lawn Equipment 514 Utilities Expense 126 Accum Depr. Lawn Equipment 516 Insurance Expense 127 Concession Equipment 517 Depreciation Expense 128 Accum Depr. Concession Equipment 522 Misc Expense 129 Golf Carts 523 Interest expense 130 Accum Depr. Golf Carts 524 Bad Debt Expense Liabilities 221 Accounts Payable 222 Accrued Salaries & Wages 223 Note Payable 224 Interest Payable 225 Unearned Revenue Owner's Equity 311 Common Stock 312 Additional Paid in Capital - C/S 313 Retained Earnings memo Income Summary

Date: Transaction(s) Note: All amounts are in US dollars

8/1 Hudsons Hole in One, Inc. positioned itself for an IPO (initial public offering). After registering with the SEC, the company was authorized by its board to issue 2,000,000 shares of common stock with a par value of $7.00 per share. The company issued 250,000 of those shares in its IPO. The stock price at the time of issuance was $15.00 per share.

8/1 Received and paid a bill for a three-year insurance policy $36,000

8/1 Signed a contract with Emery Enterprises for a two-year contract for $24,000 for monthly advertising services.

8/2 Purchased a variety of equipment for a total price of $525,000 from a manufacturer. Equipment included: Lawn Equipment - $115,000; concession equipment - $15,000; Golf Carts - $145,000, and land - $250,000. The company used $102,750 in cash and the remainder was financed through a note with the bank. Note: the lawn equipment has a useful life of 9 years and a salvage value of $7,000. The concession equipment has a useful life of 10 years and a salvage value of $3,000. The golf carts have a useful life of 5 years and a salvage value of $15,000. The note has an interest rate of 12% and is paid annually every August 1. (i.e. the next payment due on the note will be 8/1 of next year).

8/2 Purchased additional Golf Carts from Scott Manufacturing for $26,250. Paid $12,000 down and the remainder will be due in 30 days. Note: These playgrounds have a salvage value of $2,500 and a useful life of 5 years. 8/3 Received and paid a bill for concession supplies - $17,500

8/3 Purchased brochures from KGS Depot on account - $1,540. Signs will be used to help attract customers.

8/6 Paid $24,000 to Emery Enterprises. 8/7 Purchased $3,400 of miscellaneous supplies on accounts

8/9 Received $14,565 for rounds of golf played 8/14 Paid wages for ten working days for the period

8/1-8/14 ; $10,800 8/15 Paid a portion of an outstanding bill to KGS Depot $750

8/18 The Board of Directors authorized and paid a dividend to shareholders $25,000.

8/20 Paid cash to Scott Manufacturing as partial payment on account - $12,950.

8/22 Signed a contract guaranteeing golf income for a corporate event that will use the course $28,640. Hosted one corporate event for $9,535 of the contract that are not to be paid for 30 days.

8/23 Customers paid on outstanding account for prior use of Golf Course $4,130.

8/24 Received a reduction in the outstanding bill from Scott Manufacturing for a Golf Cart that was found to be in damaged condition - $1,750 8/28 $12,060 was received for an event on September 26th.

8/29 Paid wages for 10 working days for the period

8/15-8/28 of $10,800 ($1,080 per day).

8/29,8/30, and 8/31 were a Monday - Wednesday.

8/30 Received cash for rental of the Golf Course - $21,630

8/31 Received water bill for August - $2,675 8/31 Hudsons Hole in One provides for doubtful accounts on 5% of the outstanding AR.