Prepare closing entries for Homer Winslow Co. on December 31, 2008. Scratch 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 $50,000 cash in the business in exchange for common stock. 3 Purchased Michelle Wie's Golf Land for $38.000 cash. The price consists of land $10,000; building $22,000; and equipment $6,000. (Make one compound entry.) 5 Advertised the opening of the driving range and miniature golf course, paying advertising expenses of $1, 600. 6 Paid cash $1, 480 for a one-year insurance policy. 10 Purchased golf equipment for $2, 500 from Singh Company, payable in 30 days. 18 Received golf fees of $1, 200 in cash. 25 Declared and paid a $500 cash dividend. 30 Paid wages of $900. 30 Paid Singh Company in full. 31 Received $750 of fees in cash. Scratch uses the following accounts: Cash; Prepaid Insurance; Land; Buildings; Equipment; Accounts Payable; Common Stock: Dividends; Service Revenue; Advertising Expense; and Wages Expense. Journalize the March transactions. (Provide explanations for the journal entries.)