Current Attempt in Progress Your answer is partially correct. Mar. 1 3 5 6 10 Ivanhoe Miniature Golf and Driving Range Inc. was opened on March 1 by Michael Wear. These selected events and transactions occurred during March Shareholders invested $43,000 cash in the business in exchange for common shares of the corporation Purchased Arnie's Golf Land for $32,680 cash. The price consists of land $19.780, building $7,740, and equipment $5,160 Advertised the opening of the driving range and miniature golf course, paying advertising expenses of $1,370 cash. Paid cash $2,070 for a 1-year insurance policy. Purchased golf clubs and other equipment for $4,060 from Golden Bear Company, payable in 30 days. Received golf fees of $1,020 in cash from customers for golf lees earned. 19 Sold 86 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 $430 cash dividend. Pald salaries of $590 30 Paid Golden Bear Company in full for equipment purchased on March 10, Received $700 in cash from customers for golf fees earned Paid estimated income taxes for the month amounting to $86. 18 30 31 31 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. 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 o 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 : Mar 3 Mar. 5 Mar 6 Mar. 10 Maro Mar 10 Mar. 18 Mar. 190 Mar. 25 Mar. 30 (To record payment of salaries) Mar. 30 (To record payment of equipment purchased) Mar 314 Mar. 18 : Mar. 19 Mar 25 Mar. 30 (To record payment of salaries) Mar 30 (To record payment of equipment purchased) Mar. 31 (To record cash received from customers) Mar 31 : (To record payment of income tax)
