Current Attempt in Progress

Cullumber Miniature Golf and Driving Range Inc. was opened on March 1 by Michael Wear. These selected events and transactions occurred during March.

Mar.	1		Shareholders invested $53,000 cash in the business in exchange for common shares of the corporation.
	3		Purchased Arnie's Golf Land for $40,280 cash. The price consists of land $24,380, building $9,540, and equipment $6,360.
	5		Advertised the opening of the driving range and miniature golf course, paying advertising expenses of $1,670 cash.
	6		Paid cash $2,570 for a 1-year insurance policy.
	10		Purchased golf clubs and other equipment for $5,060 from Golden Bear Company, payable in 30 days.
	18		Received golf fees of $1,220 in cash from customers for golf fees earned.
	19		Sold 106 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.)
	25		Declared and paid a $530 cash dividend.
	30		Paid salaries of $690.
	30		Paid Golden Bear Company in full for equipment purchased on March 10.
	31		Received $900 in cash from customers for golf fees earned.
	31		Paid estimated income taxes for the month amounting to $106.

The company uses these accounts: Cash, Prepaid Insurance, Land, Buildings, Equipment, Accounts Payable, Deferred Revenue, Common Shares, Retained Earnings, Dividends Declared, Fees Earned, 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 0 for the amounts. List all debit entries before credit entries. Record journal entries in the order presented in the problem.)

Current Attempt in Progress

Cullumber Miniature Golf and Driving Range Inc. was opened on March 1 by Michael Wear. These selected events and transactions occurred during March.

Mar.	1		Shareholders invested $53,000 cash in the business in exchange for common shares of the corporation.
	3		Purchased Arnie's Golf Land for $40,280 cash. The price consists of land $24,380, building $9,540, and equipment $6,360.
	5		Advertised the opening of the driving range and miniature golf course, paying advertising expenses of $1,670 cash.
	6		Paid cash $2,570 for a 1-year insurance policy.
	10		Purchased golf clubs and other equipment for $5,060 from Golden Bear Company, payable in 30 days.
	18		Received golf fees of $1,220 in cash from customers for golf fees earned.
	19		Sold 106 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.)
	25		Declared and paid a $530 cash dividend.
	30		Paid salaries of $690.
	30		Paid Golden Bear Company in full for equipment purchased on March 10.
	31		Received $900 in cash from customers for golf fees earned.
	31		Paid estimated income taxes for the month amounting to $106.

The company uses these accounts: Cash, Prepaid Insurance, Land, Buildings, Equipment, Accounts Payable, Deferred Revenue, Common Shares, Retained Earnings, Dividends Declared, Fees Earned, 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 0 for the amounts. List all debit entries before credit entries. Record journal entries in the order presented in the problem.)

Date Account Titles and Explanation Debit Credit Mar. 1 Cash 53000 Common Shares 5300 Mar. 3 Land 24380 Buildings 9540 Equipment 6360 Cash 4028 Mar. 5 Advertising Expense 1670 Cash 167 Mar. 6 V Prepaid Insurance 2570 Cash 257 Mar. 10 v Equipment 5060 Accounts Payable 506 Mar. 18 Cash Mar. 18 Cash (To record payment of salaries) (To record payment of equipment purchased) (To record cash received from customers) (To record payment of salaries) (To record payment of equipment purchased) (To record cash received from customers) (To reocord payment of income tax)