Question

Problem 2-01A Holz Disc Golf Course was opened on March 1 by Brothers Holz. The following selected events and transactions occurred during March Mar. 1 Invested $20,000 cash in the business. 3 Purchased Rainbow Golf Land for $14,000 cash. The price consists of land $10,800, shed $1,800, and equipment $1,400. (Make one compound entry.) 5 Paid advertising expenses of $700. 6 Pald cash $530 for a one-year insurance policy. 10 Purchased golf discs and other equipment for $1,200 from Stevenson Company payable in 30 days. 18 Received $1,000 in cash for golf fees (Holz records golf fees as service revenue). 19 Sold 200 coupon books for $20 each. Each book contains 4 coupons that enable the holder to play one round of disc golf. 25 Withdrew $800 cash for personal use. 30 Paid salaries of $400. 30 Paid Stevenson Company in full. 31 Received $2,000 cash for golf fees. indont manually. Resend fournal

Answer 1

Account Titles and Explanation Credit Date Mar. 01 Debit 20,000 Cash $ Owners' Capital $ 20,000 Mar. 03 Land 10,800 1,800 1,400 $ 14,000 Mar. 05 700 Mar. 06 530 530 Mar. 10 1,200 $ 1,200 Mar. 18 1,000 1,000 Mar. 19 Buildings Equipment Cash Advertising Expenses Cash Prepaid Insurance Cash Equipment Accounts Payable Cash Service Revenue Cash Unearned Service Revenue Owners' Withdrawal Cash Salaries Expense Cash (Paid salaries) Accounts Payable Cash (Paid creditors on account) Cash Service Revenue 4,000 $ 4,000 Mar. 25 800 S 800 Mar. 30 $ 400 Mar. 30 1,200 $ 1,200 Mar. 31 2,000 2,000