Question 6 Accounting Cycle Review Problem 4A-1A Bradley'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 3 Stockholders invested $50,000 cash in the business in exchange for common stock of the corporation Purchased Snead's Golf Land for $38,000 cash. The price consists of land $23,000, building $9,000, and equipment $6,000. (Record this in a single entry.) Advertised the opening of the driving range and miniature golf course, paying advertising expenses of $1,200 cash Paid cash $2,400 for a 1-year insurance policy Purchased golf clubs and other equipment for $5,500 from Tahoe Company, payable in 30 days. Received golf fees of $1,600 in cash from customers for golf services performed Sold 100 coupon books for $25 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.) Paid a $500 cash dividend Paid salaries of $800 Paid Tahoe Company in full for equipment purchased on March 10 Received $900 in cash from customers for golf services performed 5 6 10 18 19 25 30 30 31 The March 3 transaction resulted in a $38,000 credit to Cash. The balance of Cash after this transaction is a debit Answer 1: Correct credit Answer 2: Correct! debit