P2-1B: Surepar Disc Golf Course was opened on March 1 by Bill Arnsdorf. The following selected events and transactions occurred during March:

Mar. 1 Invested $ 60,000 cash in the business in exchange for common stock.

3 Purchased Lee's Golf Land for $38,000 cash. The price consists of land $23,000, shed $9,000, and equipment $6,000. (Make one compound energy.)

5 Advertised the opening of the driving range and miniature golf course, paying advertising expenses of $1,600.

6 Paid cash $ 2,400 for a one-year insurance policy.

10 Purchased golf discs and other equipment for $1,050 from Parton Company payable in 30 days.

18 Received $340 in cash for golf fees earned.

19 Sold 100 coupon books for $18 each. Each book contains 4 coupons that enable the holder to play one round of disc golf.

25 Declared and paid an $800 cash dividend.

30 Paid salaries of $250.

30 Paid Parton Company in full.

31 Received $200 cash for fees earned.

Bill Arnsdorf uses the following accounts: Cash, Prepaid Insurance, Land, Buildings, Equipment, Accounts Payable, Unearned Service Revenue, Common Stock, Dividends, Service Revenue, Advertising Expense, and Salaries and Wages Expense.

Instructions:

Journalize the March transactions.

P2-2B: Judi Dench is a licensed dentist. During the first month of the operation of her business, the following events and transactions occurred.

April 1 Stock holders invested $ 40,000 cash in exchange for common stock.

2 Hired a secretary-receptionist at a salary of $600 per week payable monthly.

3 Purchased dental supplies on account from Halo Company $5,200.

10 Provided dental services and billed insurance companies $6,600.

11 Received $1,000 cash advance from Rich Welk for an implant.

20 Received $2,100 cash for services completed and delivered to Phil Stueben.

30 Paid secretary-receptionist for the month $2,400.

30 Paid $ 1,900 to Halo Company for accounts payable due.

Judi uses the following chart of accounts: No. 101 Cash, No. 112 Accounts Receivable, No. 126 Supplies, No. 201 Accounts Payable, No. 209 Unearned Service Revenue, No. 311 Common Stock, No. 400 Service Revenue, No. 726 Salaries and Wages Expanse, and No. 729 Rent Expense.

Instructions:

(a) Journalize the transactions.

(b) Post the ledger accounts.

(c) Prepare a trial balance on May 31, 2014.