Exercise 3-1 Sheridan Miniature Golf and Driving Range Inc. was opened on March 1 by Scott Verplank. The following selected events and transactions occurred during March Mar. 1 Invested $51,400 cash in the business in exchange for common stock 3 Purchased Michelle Wie's Golf Land for $37,580 cash. The price consists of land $10,770, building $20,230, and equipment $6,580. (Make one compound entry.) 5 Advertised the opening of the driving range and miniature golf course, paying advertising expenses of $1,526 6 Paid cash $1,395 for a one-year insurance policy 10 Purchased golf equipment for $2,540 from Singh Company, payable in 30 days. 18 Received golf fees of $1,081 in cash 25 Declared and paid a $500 cash dividend 30 Paid wages of $869 30 Paid Singh Company in full 31 Received $713 of fees in cash Sheridan uses the following accounts: Cash, Prepaid Insurance, Land, Buildings, Equipment, Accounts Payable, Common Stock, Dividends, Service Revenue, Advertising Expense, and Salaries and Wages Expense Journalize the March transactions. (Use Service Revenue account to record fees.) (Credit account titles are automatically indented when 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. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Mar. 3