Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Blossom inc was opened on March 1 by Phil Woods. The following selected events and transactions occurred during March March 1 Owner itvested $78,000 cashin

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Blossom inc was opened on March 1 by Phil Woods. The following selected events and transactions occurred during March March 1 Owner itvested $78,000 cashin the business in exchange for common shares. 3 Purchased Mickey Mickelson's Golf Land for $63.200 cash. The price consists of $2.200 for March rent that was already paid on a storage warehouse; land, $18,000; buildings, $30,000; and equipment, $13,000. 5 To advertise the new driving range, Kingbird sponsored and paid for an open house costing $6,000. 6 Paid $2.200 cash for a one-year insurance policy. 10 Purchased equipment to cut the grass on the golf range for $5.200 from Crane Ltd payable in 30 days. 18 Earned fees of $3.400, which were billed on account. 25. Declared and paid a $1.400 cash dividend. 28 incurred and paid salaries and wages expense of $1,800. 30 Paid rent for the month of April in the amount of $2,200. 28 Incurred and paid salaries and wages expense of $1,800. 30 Paid rent for the month of April in the amount of $2,200. 31 Received fees of $700 related to a golf tournament that will take place in April. Woods uses the following accounts for his company: Cash; Prepaid insurance: Prepaid Rent: Land; Buildings; Equipment: Accounts Payable; Unearned Revenue; Common Shares; Dividends; Service Revenue; Advertising Expense; Rent Expense; and Salaries and Wages Expense. (a) Journalize the March transactions. (List all debit entries before credit entries. Crodit account titles are automatically indented when amount is entered, Do not indent manually. If no entry is required, select "No Entry" for the account tites and enter O for the amounts. Record journal rutac in the andar nresented in the problem.) \begin{tabular}{c} Date Account Titles and Explanation \\ \hline \end{tabular} . . eTextbook and Media List of Accounts Savetortaterf Attempts: 0 of 3 used Submit

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting in an Economic Context

Authors: Jamie Pratt

8th Edition

9781118139424, 9781118139431, 470635290, 1118139429, 1118139437, 978-0470635292

More Books

Students also viewed these Accounting questions

Question

LO10.2 List the conditions required for purely competitive markets.

Answered: 1 week ago