The Arid Sands Golf Club was opened for business on 1 July by Todd Simpson. The following selected events and transactions occurred during the first month of operations. 6 10 18 July 1 The owner invested $2 500 000 cash into the business. 3 Acquired the business of Jeffrey's Golf World for $1 800 000 cash. The price consisted of land $1000 000, building $650 000, and equipment $150 000 Advertised the opening of the golf course, paying advertising expenses of $36 000 for a major television campaign. Paid cash $36 000 for a 1-year insurance policy. Purchased nentgolfing equipment for $60 000 from Rory Golfing payable in 30 days Received golf membership fees of $22 000 in cash. 25 Sold 200 coupon books for $400 each. Every book contains 10 coupons each of which entitles the holder to one round of golf. Simpson withdrew $10 000 cash for personal use. Paid wages of $12600 Paid Rory Golfing in full 31 Received $12000 cash for golf fees. 19 27 29 30 Prepare general journal entries for the month of July, using appropriate account titles. Assume that a GST of 10% needs to be added for all appropriate transactions Date Particulars Debit Credit July 1 Cash at bank 2500000 Todd Simpson, capital 2500 000 Cash contributed by owner, 3 Land Land Land Building Equipment Jeffrey's Golf World acquired for cash 6 Advertising perse Jeffrey's Golf World acquired for cash. 36000 6 Advertising expense 36000 Accounts payable Cash at bank Cash paid for advertising. 10 Cash paid for 1 year insurance policy. 18 Golfing Equipment Purchase of golfing equipment from Rory Golfing 19 Cash received for golf fees. 25 Cash received on sale of 200 coupon books for $400 each. 27 Cash withdrawn by owner. 29 Cash withdrawn by owner. 29 Cash paid for wages 30 Cash to Rory Golfing 31 Cash received for golf fees. Cash withdrawn by owner. 29 IL II Cash paid for wages 30 Land Cash at bank Todd Simpson, drawings GST Receivable Wages Expense Advertising expense Building 31 Todd Simpson, capital Golf Fees Income Equipment Unearned Golf Services GST Payable Golfing Equipment Accounts payable Prepaid Insurance