Question
Bucket Club Miniature Golf and Driving Range was opened on May 1. The following events and transactions are for May: May 1 Amin Mawani, the
Bucket Club Miniature Golf and Driving Range was opened on May 1. The following events and transactions are for May:
May 1 Amin Mawani, the owner, invested $78,300 cash in the business.
May 2 Purchased Lee's Golf Land for $216,500. The price consists of land, $103,000; building, $70,500; and equipment, $43,000. Paid $60,500 cash and signed a note payable for the balance.
May 4 Purchased golf clubs and other equipment for $17,700 from Woods Company on account.
May 5 Hired a golf pro to teach lessons at the golf range at a rate of $30 per hour.
May 6 Paid $2,700 cash for a one-year insurance policy.
May 15 Collected $1,890 of golf fees earned in cash from customers.
May19 Paid Woods Company $4,000 for the items purchased on May 4.
May 20 Billed a customer, Deer Fern Inc., $1,250 for golf fees earned. Deer Fern Inc. paid $200 and agreed to pay the remaining amount owing in 10 days.
May 30
May 31 Received $1,050 from Deer Fern Inc. for the May 20 transaction.
May 31 Collected $3,310 cash from customers for golf fees earned.
May 31 Paid salaries of $2,680.
May 30 Received $1,050 from Deer Fern Inc. for the May 20 transaction.
May 31 Paid $730 of interest on the note payable.
May 31 Paid Amin Mawani $1,960 for his personal use.
Make the May transactions. Jornalise them.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started