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Pronghorris Miniature Golf and Driving Range Inc was opened on March 1 by Bob Dean. These selected events and transaitions occurred during March. Mar, 1

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Pronghorris Miniature Golf and Driving Range Inc was opened on March 1 by Bob Dean. These selected events and transaitions occurred during March. Mar, 1 Stockholders invested $61,000 cash in the business in exchange for common stock of the corporation. 3 Purchased Snead's Golf L and for $46,400 cash. The price consists of land $23,300, building $8,090, and equipment $15,010. (Record this in a single entry) 5 Advertised the opening of the driving range and miniature golf course, paying advertising expenses of $2,370 cash. 6 Paid cash $3,700 for a 1 -year insurance policy. 10 Purchased golf clubs and other equipment for $5.250 from Tahoe Company, payable in 30 days. 18 Received golf fees of $1,750 in cash from customers for golf services performed. 19 Sold 150 coupon books for $30 each in cash. Each book contains 10 coupons that enable the holder to play one round of miniature golf or to hit one bucket of golf balls. (Hint: The revenue should not be recognized until the customers use the coupons.) 25 Paid a $480 cash dividend. 30 Paid salaries of $860. 30 Paid Tahoe Company in full for equipment purchased on March 10. Journalize the March transactions. Pronghorn's records golf fees as service revenue. (If no entry ls requlred, select "No Entry' for the account tides and enter O for the amounts Credit occount titles are automatically indented when amount Is entered. Do not indent manudly. Record joumal entries in the order presented in the problem. (Paid salaries expense) (Paid creditor on account)

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