Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Riverbed'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

Riverbed'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 $68,000 cash in the business in exchange for common stock of the corporation. 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.) Advertised the opening of the driving range and miniature golf course, paying advertising expenses of $1.440 cash 5 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.) Paid a $670 cash dividend. 25 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. Riverbed'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.) Date Account Titles and Explanation Mar. 1 Mar. 3 Mar. 5 Mar. 6 Debit Credit 138 PM 2/13/2022 Question 2 of 2 Mar. 10 v Mar. 18 Mar. 19 v Mar. 25 Mar. 30 Mar. 301 > O < (Paid salaries expense) T E -/33.34 > Question 2 of 2 < Mar. 30 Mar. 30 v (Paid salaries expense) Mar. 31 v (Paid creditor on account) eTextbook and Media List of Accounts -/33.34 E

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Basic Principles Of Accounting A Guide For Toatal Beginners

Authors: Simon Udeh Andrew

1st Edition

979-8861488440

More Books

Students also viewed these Accounting questions

Question

=+2 Why are international employment standards important to IHRM?

Answered: 1 week ago

Question

=+1 Why are local employment laws important to IHRM?

Answered: 1 week ago

Question

=+ Are some laws more important than others? If so, which ones?

Answered: 1 week ago