Sheridan 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 $46,000 cash in the business in exchange for common shares of the corporation. 3 Purchased Arnie's Golf Land for $34,960 cash. The price consists of land $21,160, building $8,280, and equipment $5,520. 5 Advertised the opening of the driving range and miniature golf course, paying advertising expenses of $1,460 cash. 6 Paid cash $2,220 for a 1-year insurance policy. 10 Purchased golf clubs and other equipment for $4,360 from Golden Bear Company, payable in 30 days. 18 Received golf fees of $1,080 in cash from customers for golf fees earned. 19 Sold 92 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 $460 cash dividend. 30 Paid salaries of $620. 30 Paid Golden Bear Company in full for equipment purchased on March 10. 31 Received $760 in cash from customers for golf fees earned. 31 Paid estimated income taxes for the month amounting to $92.