The company uses these accounts: cash, prepaid insurance, land, building, equipment,accounts payable, unearned service revenue, common stock, retained earnings, dividends, service revenue, advertising expense and salaries and wage expense
Clear miniature golf and driving range inc. was opened on March 1 by Roger Prince. These selected and transactions occurred during March.
1 Stockholders invested $50,000 cash in the business in exchange for common stock of the corportion
2 Purchased Arnie's Golf Land for 38,000 cash. the price consists of land 23,000, buliding 9000, and equipment 6000.(record single entry)
3 Advertised the opening of the driving range and miniture golf course, paying advertising expenses of 1200 cash.
4 Paid cash 2400 for a 1 yr insurance policy
5 purchased golf clubs and other equipment for 5500 from golden bear company, payable in 30 days.
6 received golf fees of 1600 in cash from customers for golf fees earned
7. sold 100 coupon books for $25 each in cash. each book contains ten coupons that enable the holder to pay one round of miniture golf or to hit one bucket of golf balls.( hint revenue is not earned until the customers use the coupon)
8. paid a 500 cash dividends
9. paid salaries of 800
10. paid golden bear company in full for equipment purchased on march 10
11. received 900 in cash from customers for golf fees earned