May 1 invested 20000 cash in the golf course business may 3

Reference no: EM13608069

May 1 Invested $20,000 cash in the golf course business. May 3 Purchased Hampstead Golf Land for $15,000 cash. The price includes land $12,000, shed $2,000, and equipment $1,000. May 5 Paid advertising expenses of $700. May 6 Paid cash $600 for a one-year insurance policy. May 10 Purchased golf discs and other equipment for $1,050 from Discs Are Us payable in 30 days. May 18 Received $1,100 in cash for golf fees earned (service revenue). May 19 Sold 150 coupon books for $10 each. Each book contains four coupons that enable the holder to play one round of disc golf. May 25 Withdrew $800 cash for personal use. May 30 Pay $250 as salaries for part-time employees. May 30 Paid Discs Are Us the full amount due. May 31 Received $2,100 cash for fees earned. Accounts used:

• Cash.

• Prepaid insurance.

• Land.

• Buildings.

• Equipment.

• Accounts payable.

• Unearned service revenue.

• Owner's capital.

• Owner's drawings.

• Service revenue.

• Advertising expense.

• Salaries and wages expense.

Reference no: EM13608069

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