Blossom Miniature Golf and Driving Range Inc. was opened on March 1 by Michael Wear. These selected events and transactions occurred during March. 1 Mar. 3 5 6 10 18 Shareholders invested $62,000 cash in the business in exchange for common shares of the corporation. Purchased Arnie's Golf Land for $47.120 cash. The price consists of land $28,520, building $11,160, and equipment $7.440. Advertised the opening of the driving range and miniature golf course, paying advertising expenses of $1.940 cash. Paid cash $3,020 for a 1-year insurance policy. Purchased golf clubs and other equipment for $5,960 from Golden Bear Company, payable in 30 days. Received golf fees of $1,400 in cash from customers for golf fees earned. Sold 124 coupon books for $25 each in cash. Each book contains ten coupons that enable the 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 $620 cash dividend. Paid salaries of $780. Paid Golden Bear Company in full for equipment purchased on March 10. Received $1,080 in cash from customers for golf fees earned. Paid estimated income taxes for the month amounting to $124. 19 25 30 30 31 31 The company uses these accounts: Cash, Prepaid Insurance Land, Buildings, Equipment, Accounts Payable, Deferred Revenue, Common Shares, Retained Earnings, Dividends Declared Service Revenue, Advertising Expense, Salaries Expense, and Income Tax Expense. Prepare journal entries to record the March transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required. select "No Entry" for the account titles and enter o for the amounts. List all debit entries before credit entries. Record journal entries in the order presented in the problem.) Debit Cred Date Account Titles and Explanation Cash Mar. 1 Common Stocks Mar 3 Land Buildings Equipment common stock Mar. 5 Advertising Expense Cash Mar. 6 Prepaid insurance Cash Mar. 10 golf clubs and equipment Accounts Payable Mar. 18 Cash revenue from golf services Mar. 19 Cash un earned revenue Mar. 25 Retained Earnings Cash Mar. 30 Salaries Expense cash (To record payment of salaries) Mar. 30 Accounts Payable Cash (To record payment of equipment purchased) Mar. 31 Cash revenue from golf services