Question

Golfy Golf Inc. was opened on April 1 by Wee Snaw. These selected events and transactions occurred during April.

Apr. 1		Stockholders invested $58,500 cash in the business in exchange for common stock of the corporation.
3		Purchased Pete’s Golf Land for $42,800 cash. The price consists of land $24,400, building $9,780, and equipment $8,620. (Record this in a single entry.)
5		Advertised the opening of the driving range and miniature golf course, paying advertising expenses of $2,700 cash.
6		Paid cash $3,600 for a 1-year insurance policy.
10		Purchased golf clubs and other equipment for $5,850 from Reno Company, payable in 30 days.
18		Received golf fees of $1,550 in cash from customers for golf services performed.
19		Sold 105 coupon books for $20 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 $540 cash dividend.
30		Paid salaries of $760.
30		Paid Reno Company in full for equipment purchased on April 10.
31		Received $930 in cash from customers for golf services performed.

Question: Journalize the April transactions. Golfy Golf’s records golf fees as service revenue.

If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.

Record journal entries in the order presented in the problem

Answer 1

April 1	Cash	58500
	Common Stock		58500
April 3	Land	24400
	Building	9780
	Equipment	8620
	Cash		42800
April 5	Advertising expense	2700
	Cash		2700
April 6	Prepaid insurance	3600
	Cash		3600
April 10	Equipment	5850
	Accounts Payable		5850
April 18	Cash	1550
	Service Revenue		1550
April 19	Cash	2100		=105*20
	Unearned Revenue		2100
April 25	Dividends declared	540
	Cash		540
April 30	Salaries expense	760
	Cash		760
April 30	Accounts Payable	5850
	Cash		5850
April 30	Cash	930
	Service Revenue		930