Question 5 of 7 > -/1 Adventure Adventure Golf and Driving Range Inc. opened on May 1. The following selected events and transactions occurred during May May 1 Issued common shares for $ 120,000 cash. 4 Purchased Henry's Golf Land for $ 270,000. The price consists of land $ 125,000; buildings $ 100,000; and equipment $ 45,000. Paid cash of $ 100.000 and signed a mortgage payable for the balance. 4 Paid $ 1.500 for a one-year insurance policy, coverage begins next month. 5 Advertised the opening of the driving range and miniature golf course, paying advertising expenses of $ 800. 6 Purchased equipment for 5 9.000 on account 18 Received $ 8.800 from customers for golf fees earned. (Hint: Use the account Fees Earned torecord golf fees.) 20 Declared and paid $1.000 of dividends to shareholders. 22 Received $ 1.200 from a school board that paid for studentsgolf lessons that will be given in June. Paid for the equipment purchased on May 6. 29 30 Paid S 800 of interest on the mortgage payable. 30 Paid salaries of $ 3.400 Journalize the transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts Record journal . -71 III entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit May 1 May 4 (To record purchase) May 5 Type here to search O 23C Mostly sunny A