2023 E3 17B Transactions of a Corporation Including Investment and Dividend Scott Loder opened Ledford Miniature Golf | Assignments Online

E3-17B (Transactions of a Corporation, Including Investment and Dividend) Scott Loder opened Ledford Miniature Golf and Driving Range Inc. on March 1.

The following selected events and transactions occurred during March.

Mar.

1 Invested $62,500 cash in the business in exchange for common stock.

3 Purchased Moises Moreno’s Golf Land for $47,500 cash. The price consists of land $12,500; building $27,500; and equipment $7,500. (Make one compound entry.)

5 Advertised the opening of the driving range and miniature golf course, paying advertising expenses of $2,000.

6 Paid cash $1,850 for a one-year insurance policy.

10 Purchased golf equipment for $3,125 from Moore Company, payable in 30 days.

18 Received golf fees of $1,500 in cash.

25 Declared and paid a $625 cash dividend.

30 Paid wages of $1,125.

30 Paid Moore Company in full.

31 Received $950 of fees in cash.

 

Ledford uses the following accounts:

Cash                                 Equipment                       Service Revenue

Prepaid Insurance          Accounts Payable             Advertising Expense

Land                              Common Stock                Salaries and Wages Expense

Buildings                           Dividends

Instructions

 

Journalize the March transactions.