Question
Problem 1 Bradleys Miniature Golf and Driving Range Inc. was opened on March 1 by Bod Dean. These selected events and transactions occurred during March.
Problem 1 Bradleys Miniature Golf and Driving Range Inc. was opened on March 1 by Bod Dean. These selected events and transactions occurred during March. March 1 Stockholders invested $50,000 cash in the business in exchange for common stock of the corporation. March 3 Purchased Sneads Golf for $38,000 cash. The price consists of land $23,000, building $9,000, and equipment $6,000. (Record this in a single entry). March 5 Advertised the opening of the driving range and miniature golf course, paying advertising expenses of $1,200 cash. March 6 Paid cash $2,400 for a 1-year insurance policy. March 10 Purchased golf clubs and other equipment for $5,500 from Tahoe Company, payable in 30 days. March 18 Received golf fees of $1,600 in cash from customers for golf services performed. March 19 Sold 100 coupon books for $25 each in cash. Each book contains 10 coupons that enable the holders to play one round of miniature golf or to hit one bucket of golf balls. (Hints: The revenue should not be recognized until the customers use the coupons.) March 25 Paid a $500 cash dividend. March 30 Paid salaries of $800. March 30 Paid Tahoe Company in full for equipment purchased on March 10. March 31 Received $900 in cash from customers for golf services performed. The company uses these accounts: Cash, Prepaid Insurance, Land, Building, Equipment, Accounts payable, Unearned Service Revenue, Common Stock, Retained Earnings, Dividends, Service Revenue, Advertising Expense, and Salaries and Wages Expense. Instructions: Journalize the march transactions, including explanations. Bradleys records golf fees as service revenues.
Problem 2 This is the trial balance of Lacey Company on September 30 Lacey Company Trial Balance September 30, 2025 Debit Credit Cash $19,200 Account receivable 2,600 Supplies 2,100 Equipment 8,000 Accounts payable $4,800 Unearned Service Revenue 1,100 Common Stock 15,000 Retained Earnings 11,000 Totals $31,900 $31,900 The October transactions were as follows: Oct. 5 Received $1,300 in cash from customers for accounts receivable due. Oct. 10 Billed customers for services performed $5,100. Oct. 15 Paid employee salaries $1,200. Oct. 17 Performed $600 of services in exchange for cash. Oct. 20 Paid $1,900 to creditors for accounts payable due. Oct. 29 Paid a $300 cash dividend. Oct. 31 Paid utilities $400 Instructions a. Prepare a general ledger using T-accounts. Enter the opening balance in the ledger accounts as of October 1. (Hint: The October 1 beginning amounts are the September 30 balances in the trial balance above). Provision should be made for these additional accounts: Dividends, Service Revenue, Salaries and Wages Expense, and Utilities Expense. b. Journalize the transactions, including explanations. c. Post to the ledger accounts. d. Prepare a trial balance on October 31, 2025.
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