Question

Kimmel, Financial Accounting, 9e FINANCIAL ACCOUNTING (ACCT 2101**) Assignment Gradebook ORION Downloadable eTextbook CALCULATOR FULL SCREEN PRINTER VERSION BACK NEXT Problem 3-04A Flint's Miniature Golf and Driving Range Inc. was opened on March 1 by Rob Dean. These selected events and transactions occurred during March Mar. 1 Stockholders invested $63,500 cash in the business in exchange for common stock of the corporation 3 Purchased Snead's Golf Land for $47,000 cash. The price consists of land $23,900, building $8.580, and equipment $14,520. (Record this in a single entry) 5 Advertised the opening of the driving range and miniature golf course, paying advertising expenses of $2,040 cash. 6 Paid cash $2,500 for a 1-year insurance policy 10 Purchased golf clubs and other equipment for $5,650 from Tahoe Company, payable in 30 days 18 Received golf fees of $2,500 in cash from customers for golf services performed 19 Sold 100 coupon books for $15 each in cash. Each book contains 10 coupons that enable the holder to play one round of miniature golf or to hit one bucket of golf balls. (Hint: The revenue should not be recognized until the customers use the coupons.) 25 Paid a $570 cash dividend 30 Paid salaries of $770. 30 Paid Tahoe Company in full for equipment purchased on March 10 31 Received $830 in cash from customers for golf services performed Journalize the March transactions. Flint's records golf fees as service revenue. (If no entry is required, select "No Entry" for the account titles and enter for the amounts. Credit account tities are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Polo 2000:2020 Wie n . Ins. All Rights Reserved Version 4.24.18

Answer 1

Date	Account title and explanation	Debit	Credit
1	Cash	63500
	To, Stock Capital		63500
	(Being shares issued)
3	Land	23900
	Building	8580
	Equipment	14520
	To, Cash		47000
	(Assets purchased for business)
5	Advetisement expenses	2040
	To, Cash		2040
	(Being expenses paid)
6	Insurance policy	2500
	To, Cash		2500
	(Being expenses paid)
10	Equipment	5650
	To, Accounts payable		5650
	(As purchased on credit of 1 month)
18	Cash	2500
	To,Service Revenue		2500
	(As sale revenue received)
19	No Entry
25	Dividend	570
	To, Cash		570
	(Being dividend paid)
30	Salaries	770
	To, Cash		770
	(Being salary paid in cash)
31	Cash	830
	To,Service Revenue		830
	(sale services performed)