Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Current Attempt in Progress Indigo's Miniature Golf and Driving Range Inc. was opened on March 1 by Bob Dean. These selected events and transactions occurred

image text in transcribedimage text in transcribedimage text in transcribed

Current Attempt in Progress Indigo'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 $55,500 cash in the business in exchange for common stock of the corporation. 3 Purchased Snead's Golf Land for $41,000 cash. The price consists of land $24,500, building $9,190, and equipment $7,310. (Record this in a single entry.) 5 Advertised the opening of the driving range and miniature golf course, paying advertising expenses of $2,470 cash. 6 Paid cash $4,150 for a 1-year insurance policy. 10 Purchased golf clubs and other equipment for $5,900 from Tahoe Company, payable in 30 days. 18 Received golf fees of $2,800 in cash from customers for golf services performed. 19 Sold 130 coupon books for $25 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.) 25 Paid a $630 cash dividend. 30 Paid salaries of $710. 30 Paid Tahoe Company in full for equipment purchased on March 10. 31 Received $830 in cash from customers for golf services performed. Journalize the March transactions. Indigo's records golf fees as service revenue. (If no entry is required, select "No Entry" for the account titles and enter Ofor the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit > (Paid salaries expense) (Paid creditor on account) Date Account Titles and Mar. 1 Mar. 3 Mar. 5 Mar. 6 Mar. 10 Mar. 18 Mar. 19 Mar. 25 Mar. 30 Mar. 31

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

Step: 3

blur-text-image

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

Auditing IT Infrastructures For Compliance

Authors: Martin Weiss, Michael G. Solomon

2nd Edition

1284090701, 978-1284090703

More Books

Students also viewed these Accounting questions