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Instructions
Accounts to be 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.
Leave a space between each dated transaction.
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.
