The Funtimes Miniature Golf and Driving Range, Inc. opened on May 1. These selected events and transactions occurred during May:

May 1 Issued common shares for $120,000 cash.

4 Purchased Henry's Golf Land for $270,000. The price consists of land $125,000; building $100,000; and equipment $45,000. Paid cash of $100,000 and signed a mortgage payable for the balance.

4 Paid $1,500 for a one-year insurance policy; coverage commences next month.

5 Advertised the opening of the driving range and miniature golf course, paying advertising expenses of $2,000.

6 Purchased golf clubs and other equipment for $9,000 from Titleist Corporation.

18 Received $8,800 from customers for golf fees earned.

20 Paid dividends of $800 to shareholders.

21 Paid Titleist Corporation in full for equipment purchased on May 6.

22 Received $1,200 from a school board that paid for students' golf lessons that will be given in June.

29 Paid $800 of interest on the mortgage payable.

29 Paid salaries of $3,400.

Instructions

Journalize the May transactions.