McKay Disc Golf Course was opened on March 1 by Evan McKay. The following select
ID: 2503230 • Letter: M
Question
McKay Disc Golf Course was opened on March 1 by Evan McKay. The following selected events and transactions occurred during March.
Journalize the March transactions. (Record entries in the order displayed in the problem statement. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Invested $21,090 cash in the business. 3
Purchased Sables Golf Land for $15,600 cash. The price consists of land $12,320, shed $2,210, and equipment $1,070. (Make one compound entry.) 5
Paid advertising expense of $730 . 6
Paid cash $550 for a one-year insurance policy.
10
Purchased golf discs and other equipment for $1,110 from Taylor Company payable in 30 days. 18
Received $1,240 in cash for golf fees. (McKay records golf fees as service revenue). 19
Sold 150 coupon books for $14 each. Each book contains 4 coupons that enable the holder to play one round of disc golf. 25
Withdrew $780 cash for personal use. 30
Paid salaries of $220. 30
Paid Taylor Company in full.
31
Received $2,220 cash for golf fees. McKay Disc Golf Course was opened on March 1 by Evan McKay. The following selected events and transactions occurred during March. Journalize the March transactions. (Record entries in the order displayed in the problem statement. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Please give account titles, and explanations along with debit and credit info for all dates.
Explanation / Answer
Mar. 1: Invested $21,090 cash in the business.
Debit Cash $21,090
Credit Common Stock $21,090
Mar 3 : Purchased Sables Golf Land for $15,600 cash. The price consists of land $12,320, shed $2,210, and equipment $1,070.
Debit Land $12,320
Debit Buildings $2,210
Debit Equipment $1,070
Credit Cash $15,600
Mar 5 : Paid advertising expense of $730 .
Debit Advertising Expense $730
Credit Cash $730
Mar 6 : Paid cash $550 for a one-year insurance policy.
Debit Prepaid Insurance $550
Credit Cash $550
Mar 10 Purchased golf discs and other equipment for $1,110 from Taylor Company payable in 30 days.
Debit Equipment $1,110
Credit Accounts Payable $1,110
Mar 18 : Received $1,240 in cash for golf fees.
Debit Cash $1,240
Credit Golf Revenue $1,240
Mar 19 : Sold 150 coupon books for $14 each. Each book contains 4 coupons that enable the holder to play one round of disc golf.
Debit Cash $2,100
Credit Unearned Revenue $2,100
Mar 25 : Withdrew $780 cash for personal use.
Debit Dividends $780
Credit Cash $780
Mar 30 : Paid salaries of $220..
Debit Salaries Expense $220
Criedit Cash $220
Mar 30 : Paid Taylor Company in full.
Debit Accounts Payable $$1,110
Credit Cash $$1,110
Mar 31 : Received $2,220 cash for golf fees.
Debit Cash $2,200
Credit Golf Revenue $2,200