Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

P2-1A Holz Disc Golf Course was opened on March 1 by Ian Holz. The following selected events and transactions occurred during March. Mar. 1 Invested

P2-1A Holz Disc Golf Course was opened on March 1 by Ian Holz. The following selected events and transactions occurred during March. Mar. 1 Invested $20,000 cash in the business. 3 Purchased Rainbow Golf Land for $15,000 cash. The price consists of land $12,000, shed $2,000, and equipment $1,000. (Make one compound entry.) 5 Paid advertising expenses of $900. 6 Paid cash $600 for a one-year insurance policy. 10 Purchased golf discs and other equipment for $1,050 from Stevenson Company payable in 30 days. 18 Received $1,100 in cash for golf fees (Holz records golf fees as service revenue). 19 Sold 150 coupon books for $10 each. Each book contains 4 coupons that enable the holder to play one round of disc golf. 25 Withdrew $800 cash for personal use. 30 Paid salaries of $250. 30 Paid Stevenson Company in full. 31 Received $2,700 cash for golf fees. Holz Disc Golf uses the following accounts: Cash, Prepaid Insurance, Land, Buildings, Equipment, Accounts Payable, Unearned Service Revenue, Owners Capital, Owners Drawings, Service Revenue, Advertising Expense, and Salaries and Wages Expense. Instructions a) Journalize the March transactions. b) Ledger (T-account) c) Trial Balance d) Income Statement e) Owners Equity Statement f) Balance Sheet

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

Money, Markets And Capital The Case For A Monetary Analysis

Authors: Jean Cartelier

1st Edition

0815355777, 9780815355779

More Books

Students also viewed these Accounting questions

Question

4. When is it appropriate to show grace toward others?

Answered: 1 week ago