Sandhill Miniature Golf and Driving Range Inc. was opened on March 1 by Michael Wear. These selected events and transactions occurred during March. Mar. 1 Shareholders invested $49,000 cash in the business in exchange for common shares of the corporation. 3 5 6 Purchased Arnie's Golf Land for $37,240 cash. The price consists of land $22,540, building $8,820, and equipment $5.880. Advertised the opening of the driving range and miniature golf course, paying advertising expenses of $1,550 cash. Paid cash $2,370 for a 1-year insurance policy. 10 Purchased golf clubs and other equipment for $4,660 from Golden Bear Company, payable in 30 days. 18 Received golf fees of $1,140 in cash from customers for golf fees earned. 19 Sold 98 coupon books for $25 each in cash. Each book contains ten coupons that enable the holder to play one round of miniature golf or to hit one bucket of golf balls. (Hint: The revenue is not earned until the customers use the coupons.) 25 Declared and paid a $490 cash dividend. 30 Paid salaries of $650. 30 Paid Golden Bear Company in full for equipment purchased on March 10. 31 Received $820 in cash from customers for golf fees earned. 31 Paid estimated income taxes for the month amounting to $98. The company uses these accounts: Cash, Prepaid Insurance, Land, Buildings, Equipment, Accounts Payable, Deferred Revenue, Common Shares, Retained Earnings, Dividends Declared, Fees Earned, Advertising Expense, Salaries Expense, and Income Tax Expense.