Flint'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 $63,500 cash in the business in exchange for common stock of the corporation. 3 Purchased Snead's Golf Land for $47,000 cash. The price consists of land $23,900, building $8,580, and equipment $14,520. (Record this in a single entry.) 5 6 10 10 18 19 Advertised the opening of the driving range and miniature golf course, paying advertising expenses of $2,040 cash. Paid cash $2,500 for a 1-year insurance policy. Purchased golf clubs and other equipment for $5,650 from Tahoe Company, payable in 30 days. Received golf fees of $2,500 in cash from customers for golf services performed. Sold 100 coupon books for $15 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.) Paid a $570 cash dividend. 25 30 Paid salaries of $770. 30 Paid Tahoe Company in full for equipment purchased on March 10. 31 Received $830 in cash from customers for golf services performed.