Ian Holz

[logistic_guy]

$\displaystyle \text{Holz Disc Golf Course}$ was opened on March $\displaystyle 1$ by $\displaystyle \text{Ian Holz}$. The following selected events and transactions occurred during March.

Mar.
$\displaystyle \bold{1}$ Invested $\displaystyle \$ 20,000$ cash in the business.
$\displaystyle \bold{3}$ Purchased Rainbow Golf Land for $\displaystyle \$ 15,000$ cash. The price consists of land $\displaystyle \$ 12,000$, shed $\displaystyle \$ 2,000$, and equipment $\displaystyle \$ 1,000$.
$\displaystyle \bold{5}$ Paid advertising expenses of $\displaystyle \$ 900$.
$\displaystyle \bold{6}$ Paid cash $\displaystyle \$ 600$ for a one-year insurance policy.
$\displaystyle \bold{10}$ Purchased golf discs and other equipment for $\displaystyle \$ 1,050$ $\displaystyle \text{f}$rom $\displaystyle \text{Stevenson Company}$ payable in $\displaystyle 30$ days.
$\displaystyle \bold{18}$ Received $\displaystyle \$ 1,100$ in cash for golf fees ($\displaystyle \text{Holz}$ records golf fees as service revenue).
$\displaystyle \bold{19}$ Sold $\displaystyle 150$ coupon books for $\displaystyle \$ 10$ each. Each book contains $\displaystyle 4$ coupons that enable the holder to play one round of disc golf.
$\displaystyle \bold{25}$ Withdrew $\displaystyle \$ 800$ cash for personal use.
$\displaystyle \bold{30}$ Paid salaries of $\displaystyle \$ 250$.
$\displaystyle \bold{30}$ Paid $\displaystyle \text{Stevenson Company}$ in full.
$\displaystyle \bold{31}$ Received $\displaystyle \$ 2,700$ cash for golf fees.

Instructions
Journalize the March transactions.

 

[logistic_guy]

$\displaystyle \bold{1}$ Invested $\displaystyle \$ 20,000$ cash in the business.

1​	Account​	Debit​	Credit​
	Cash​	20,000​	​
	Owner's Capital​	​	20,000​

 

[logistic_guy]

$\displaystyle \bold{3}$ Purchased Rainbow Golf Land for $\displaystyle \$ 15,000$ cash. The price consists of land $\displaystyle \$ 12,000$, shed $\displaystyle \$ 2,000$, and equipment $\displaystyle \$ 1,000$.

3​	Account​	Debit​	Credit​
	Land​	12,000​	​
	Building​	2,000​	​
	Equipment​	1,000​
	Cash​		15,000​

 

[logistic_guy]

$\displaystyle \bold{5}$ Paid advertising expenses of $\displaystyle \$ 900$.

5​	Account​	Debit​	Credit​
	Advertising Expense​	900​	​
	Cash​	​	900​

 

[logistic_guy]

$\displaystyle \bold{6}$ Paid cash $\displaystyle \$ 600$ for a one-year insurance policy.

6​	Account​	Debit​	Credit​
	Prepaid Insurance​	600​	​
	Cash​	​	600​

 

[logistic_guy]

$\displaystyle \bold{10}$ Purchased golf discs and other equipment for $\displaystyle \$ 1,050$ $\displaystyle \text{f}$rom $\displaystyle \text{Stevenson Company}$ payable in $\displaystyle 30$ days.

10​	Account​	Debit​	Credit​
	Equipment​	1,050​	​
	Accounts Payable​	​	1,050​

 

[logistic_guy]

$\displaystyle \bold{18}$ Received $\displaystyle \$ 1,100$ in cash for golf fees ($\displaystyle \text{Holz}$ records golf fees as service revenue).

18​	Account​	Debit​	Credit​
	Cash​	1,100​	​
	Service Revenue​	​	1,100​

 

[logistic_guy]

$\displaystyle \bold{19}$ Sold $\displaystyle 150$ coupon books for $\displaystyle \$ 10$ each. Each book contains $\displaystyle 4$ coupons that enable the holder to play one round of disc golf.

19​	Account​	Debit​	Credit​
	Cash​	1,500​	​
	Unearned Service Revenue​	​	1,500​

 

[logistic_guy]

$\displaystyle \bold{25}$ Withdrew $\displaystyle \$ 800$ cash for personal use.

25​	Account​	Debit​	Credit​
	Owner's Drawings​	800​	​
	Cash​	​	800​

 

[logistic_guy]

$\displaystyle \bold{30}$ Paid salaries of $\displaystyle \$ 250$.

30​	Account​	Debit​	Credit​
	Salaries and Wages Expense​	250​	​
	Cash​	​	250​

 

[logistic_guy]

$\displaystyle \bold{30}$ Paid $\displaystyle \text{Stevenson Company}$ in full.

30​	Account​	Debit​	Credit​
	Accounts Payable​	1,050​	​
	Cash​	​	1,050​

 

[logistic_guy]

$\displaystyle \bold{31}$ Received $\displaystyle \$ 2,700$ cash for golf fees.

31​	Account​	Debit​	Credit​
	Cash​	2,700​	​
	Service Revenue​	​	2,700​