Cullumber's Miniature Golf and Driving Range Inc. was opened on March 1 by Bob Dean. These selected events and transactions occurred during March. Mar. 1 Stockholders invested $68,000 cash in the business in exchange for common stock of the corporation. 3 5 6 10 18 19 Purchased Snead's Golf Land for $41,600 cash. The price consists of land $23,900, building $8,880, and equipment $8,820. (Record this in a single entry.) Advertised the opening of the driving range and miniature golf course, paying advertising expenses of $1,440 cash. Paid cash $4,500 for a 1-year insurance policy. Purchased golf clubs and other equipment for $4,800 from Tahoe Company, payable in 30 days. Received golf fees of $1,200 in cash from customers for golf services performed. Sold 120 coupon books for $10 each in cash. Each book contains 10 coupons that enable the holder to play one round of miniature golf or to hit one bucket of golf balls. (Hint: The revenue should not be recognized until the customers use the coupons.) Paid a $670 cash dividend. 25 30 Paid salaries of $750. 30 Paid Tahoe Company in full for equipment purchased on March 10. 31 Received $950 in cash from customers for golf services performed.