Adventure Sheridan Golf and Driving Sheffield Inc. opened on May 1. The following selected events and transactions occurred during May: May Issued common shares for $114,000 cash. Purchased Henry's Golf Land for $273,000. The price consists of land $127,000; buildings $101,000; and equipment $45.000. Paid cash of $101,000 and signed a mortgage payable for the balance. 4 Paid $1,400 for a one-year insurance policy; coverage begins next month. 5 6 Advertised the opening of the driving range and miniature golf course, paying advertising expenses of $400. Purchased equipment for $8.200 on account. 18 Received $7.900 from customers for golf fees earned. (Hint: Use the account Fees Earned torecord golf fees.) 20 Declared and paid $1.000 of dividends to shareholders. 22 Received $1,000 from a school board that paid for students' golf lessons that will be given in June. 29 Paid for the equipment purchased on May 6. 30 Paid $800 of interest on the mortgage payable. 30 Paid salaries of $3.200.