Question

Question 8 View Policies Current Attempt in Progress Tamarisk Club Miniature Golf and Driving Range was opened on May 1. The following events and transactions are for May May! Amin Mawan, the owner, invested $78.800 cash in the business Purchased Lee's Golf Land for $270.500. The price consists of land, $125,000: building $96,000, and equipment, $49,500. Paid $52.500 cash and signed a note payable for the balance • Purchased golf clubs and other equipment for $15.000 from Woods Company on account. 5 Hired a golfpro to teach lessons at the golf range at a rate of $55 per hour • Paid $2.770 cash for a one-year insurance policy 15 Collected $1.560 of golf fees in cash from customers for services provided 19 Paid Woods Company $4,400 for the items purchased on May 4 20 Billed a customer, Deer FernInc., $1.650 for golf lessons provided. Deer Fern Inc. paid $230 and agreed to pay the remaining amount owing in 10 days. 0 Received $1.420 from Deer Fern Inc. for the May 20 transaction 91 Collected $4,870 cash from golfing customers for golf services provided. 31 Paid salaries of $2.550. 31 Paid $665 of interest on the note payable. Paid Amin Mawani $1.770 for his personal use. The company's chart of accounts includes the following accounts: Case Accounts Receivable Prepaid Insurance Land Building Equipment Accounts Payable: Notes Payable A Mawani, Capital A Mawani, Drawings: Service Revenue: Salaries Expense; and interest Expense. Journalize the May transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts. Record journal entries in the order presented in the problem.) And

Answer 1

	Date	Account titles and explanations					Debit	Credit
	May 1.	Cash					78800
		Amin mawani,Capital						78800
		(Cash invested)
	May 2.	Land					125000
		Building					96000
		Equipment					49500
		Cash						2500
		Notes payable						268000
		(Various assets purchased)
	May 4.	Equipment					15000
		Accounts payable						15000
		(Equipment purchased)
	May 5.	No entry
	May 6.	Prepaid insurance					2770
		Cash						2770
		(One year insurance policy paid in advance)
	May 15.	Cash					1560
		Service revenue						1560
		(Golf fees collected)
	May 19.	Accounts payable					4400
		Cash						4400
		(Paid woods company)
	May 20.	Cash					230
		Accounts receivable					1420
		Service revenue						1650
		(Billed a customer)
	May 30.	Accounts receivable					1420
		Cash						1420
		(Received from deer fern)
	May 31.	Cash					4870
		Service revenue						4870
		(Golf fees collected)
	May 31.	Salaries expense					2550
		Cash						2550
		(Salaries paid)
	May 31.	Interest expense					665
		Cash						665
		(Interest paid on notes)
	May 31.	Amin mawani,Drawings					1770
		Cash						1770
		(Cash withdrawn for personal use)