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​