Scribd
Upload
40 views2 pages

2-1A, 2A Qs

Uploaded by

A.K.M. Rubyat Hasan Apu

Ian Holz opened a disc golf course on March 1, investing $20,000. Throughout the month, various expenses were paid and revenue was generated. Transactions included purchasing land and equipment, paying advertising expenses, purchasing more equipment on account, receiving cash for golf fees, selling coupon books, withdrawing cash, paying salaries, and paying off the account.

Copyright:

© All Rights Reserved
Download as PDF, TXT or read online from Scribd
Download as pdf or txt

2-1A, 2A Qs

Uploaded by

A.K.M. Rubyat Hasan Apu
40 views2 pages
Ian Holz opened a disc golf course on March 1, investing $20,000. Throughout the month, various expenses were paid and revenue was generated. Transactions included purchasing land and equipment, paying advertising expenses, purchasing more equipment on account, receiving cash for golf fees, selling coupon books, withdrawing cash, paying salaries, and paying off the account.

Original Title

2-1A,2A qs

Copyright

© © All Rights Reserved

Available Formats

PDF, TXT or read online from Scribd

Did you find this document useful?

Is this content inappropriate?

Ian Holz opened a disc golf course on March 1, investing $20,000. Throughout the month, various expenses were paid and revenue was generated. Transactions included purchasing land and equipment, paying advertising expenses, purchasing more equipment on account, receiving cash for golf fees, selling coupon books, withdrawing cash, paying salaries, and paying off the account.

Copyright:

© All Rights Reserved
Download as PDF, TXT or read online from Scribd
Download as pdf or txt
40 views2 pages

2-1A, 2A Qs

Uploaded by

A.K.M. Rubyat Hasan Apu
Ian Holz opened a disc golf course on March 1, investing $20,000. Throughout the month, various expenses were paid and revenue was generated. Transactions included purchasing land and equipment, paying advertising expenses, purchasing more equipment on account, receiving cash for golf fees, selling coupon books, withdrawing cash, paying salaries, and paying off the account.

Copyright:

© All Rights Reserved
Download as PDF, TXT or read online from Scribd
Download as pdf or txt
You are on page 1/ 2

P2-1A Holz Disc Golf Course was opened on March 1 by Ian 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 $15,000 cash. The price consists of land

$12,000, shed $2,000, and equipment $1,000. (Make one compound entry.)

5 Paid advertising expenses of $900.

6 Paid cash $600 for a one-year insurance policy.

10 Purchased golf discs and other equipment for $1,050 from Stevenson

Company payable in 30 days.

18 Received $1,100 in cash for golf fees (Holz records golf fees as service revenue).

19 Sold 150 coupon books for $10 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 $250.

30 Paid Stevenson Company in full.

31 Received $2,700 cash for golf fees.

Holz Disc Golf uses the following accounts: Cash, Prepaid Insurance, Land, Buildings,

Equipment, Accounts Payable, Unearned Service Revenue, Owner’s Capital, Owner’s

Drawings, Service Revenue, Advertising Expense, and Salaries and Wages Expense.

Instructions

Journalize the March transactions.

Journalize a series of

transactions.

(LO 1, 2)
P2-2A Emily Valley is a licensed dentist. During the fi rst month of the operation of her

business, the following events and transactions occurred.

April 1 Invested $20,000 cash in her business.

1 Hired a secretary-receptionist at a salary of $700 per week payable monthly.

2 Paid offi ce rent for the month $1,100.

3 Purchased dental supplies on account from Dazzle Company $4,000.

10 Performed dental services and billed insurance companies $5,100.

11 Received $1,000 cash advance from Leah Mataruka for an implant.

20 Received $2,100 cash for services performed from Michael Santos.

30 Paid secretary-receptionist for the month $2,800.

30 Paid $2,400 to Dazzle for accounts payable due.

Emily uses the following chart of accounts: No. 101 Cash, No. 112 Accounts Receivable,

No. 126 Supplies, No. 201 Accounts Payable, No. 209 Unearned Service Revenue, No. 301

Owner’s Capital, No. 400 Service Revenue, No. 726 Salaries and Wages Expense, and

No. 729 Rent Expense.

Instructions

(a) Journalize the transactions.

(b) Post to the ledger accounts.

(c) Prepare a trial balance on April 30, 2017.

You might also like