Question $10$ of $11$

Cullumber's Miniature Golf and Driving Range Inc. was opened on March $1$ by Bob Dean. These selected events and transactions

occurred during March.

Mar. $1$ Stockholders invested $$68,000$ cash in the business in exchange for common stock of the corporation.

$3$ Purchased Snead's Golf Land for $$41,600$ cash. The price consists of land $$23,900,$ building $$8,880,$ and equipment

$$8,820.($Record this in a single entry.$)$

$5$ Advertised the opening of the driving range and miniature golf course, paying advertising expenses of $$1,440$ cash.

$6$ Paid cash $$4,500$ for a $1-$year insurance policy.

$10$ Purchased golf clubs and other equipment for $$4,800$ from Tahoe Company, payable in $30$ days.

$18$ Received golf fees of $$1,200$ in cash from customers for golf services performed.

$19$ Sold $120$ coupon books for $$10$ 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 $$670$ cash dividend.

$30$ Paid salaries of $$750.$

$30$ Paid Tahoe Company in full for equipment purchased on March $10.$

$31$ Received $$950$ in cash from customers for golf services performed.

Journalize the March transactions. Cullumber's records golf fees as service revenue. $($If no entry is required, select $"$No Entry" for the

account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.

Record journal entries in the order presented in the problem. List all debit entries before credit entries.$)$

Date

Account Titles and Explanation

Debit

Credit

Mar. $1$

Cash

Common Stock

Mar. $3$