Problem 2 Eucpar Miniature Golf and Driving Range was opened on March 1 by Nicholas Palmer. The following selected events and transactions occurred during March: Purchased Tee's Golf Land for $38,000 cash. The price consists of land $23,000, building $9,000, and equipment $6,000. (Make one compound entry.) Advertised the opening of the driving range and miniature golf course, paying advertising expenses of $1,600. Mar. 1 Invested $50,000 cash in the business. 3 5 6 10 18 +90 392 600 16 16 info@rdu.edu.tr Paid cash $1,480 for a one-year insurance policy. Purchased golf clubs and other equipment for $2,600 from Hogan Company payable in 30 days. Received $800 in cash for golf fees (record as service revenue). +90 392 228 96 96 www.rdu.edu.tr Abdi Cavus Street, Wallet City Nicosia - TRNC RAUF DENKTAS UNIVERSITY "for International Employment 19 Sold 100 coupon books for $15 each. Each book contains 10 coupons that enable the holder to play one round of miniature golf or to hit one bucket of golf balls. Withdrew $2,000 cash for personal use. 30 Paid salaries of $600. 2885 30 Paid Hogan Company in full. 31 Received $500 cash for golf fees. Nicholas Palmer uses the following accounts: Cash; Prepaid Insurance; Land; Buildings; Equipment; Accounts Payable; Unearned Service Revenue; Owner's Capital; Owner's Drawings; Service Revenue; Advertising Expense; and Salaries and Wages Expense. Instructions Journalize the March transactions (Hint: check Chapter 2, Learning objective 1 and 2).