FINANCIAL ACCOUNTING Problem Seven: Marble Disc Golf Course was opened on April 1. The following selected events and transactions occurred during April (amounts in thousands). Apr. 1 - Apr. 3 - Apr. 5- Apr. 6 - Apr. 10- Apr. 18 - Apr. 19 - Apr. 25- Apr. 30- Apr. 30 Apr. 31 James Stone invested $25,000 cash in the business in exchange for ordinary shares. Purchased Meadow Golf Land for $18,000 cash. The price consists of land $14,000, building $3,000, and equipment $1,000. (Make one compound entry.) Paid advertising expenses of $1,200. MIDTERM PRACTICE EXERCISES ANSWERS Paid cash $800 for a one-year insurance policy. Purchased golf discs and other equipment for $1,300 from Clark Company payable in 30 days. Received $1,400 in cash for golf fees (Stone records golf fees as service revenue). Sold 200 coupon books for $12 each. Each book contains 4 coupons that enable the holder to play one round of disc golf. Declared and paid a $1,000 cash dividend. Paid salaries of $320. Paid Clark Company in full. Received $3,500 cash for golf fees. Instructions: Journalize the April transactions.

MIDTERM PRACTICE EXERCISES ANSWERS Problem Seven: Marble Disc Golf Course was opened on April 1. The following selected events and transactions occurred during April (amounts in thousands). Apr. 1. James Stone invested $25,000 cash in the business in exchange for ordinary shares. Apr. 3 - Purchased Meadow Golf Land for $18,000 cash. The price consists of land $14,000, building. $3,000, and equipment $1,000. (Make one compound entry.) Apr. 5 - Paid advertising expenses of $1,200. Apr. 6- Paid cash $800 for a one-year insurance policy. Apr. 10 - Purchased golf discs and other equipment for $1,300 from Clark Company payable in 30 days. Apr, 18 - Received $1,400 in cash for golf fees ( S tone records golf fees as service revenue). Apr. 19 - Sold 200 coupon books for $12 each. Each book contains 4 coupons that enable the holder to play one round of disc golf. Apr. 25 - Declared and paid a $1,000 cash dividend. Apr. 30 - Paid salaries of $320. Apr. 30 - Paid Clark Company in full. Apr. 31 - Received $3,500 cash for golf fees. Instructions: - Journalize the April transactions