Apr. 1 Stockholders invested $51,600 cash in the business in exchange for common stock. 4 Purchased land costing $29,000 for cash. 8 Incurred advertising expense of $1,700 on account. 11 Paid salaries to employees $1,580.12 Hired park manager at a salary of $3,400 per month, effective May 1.13 Paid $1,340 cash for a one-year insurance policy. 17 Declared and paid a $1,830 cash dividend. 20 Received $6,700 in cash for admission fees. 25 Sold 134 coupon books for $59 each. Each book contains 10 coupons that entitle the holder to one admission to the park. 30 Received $9,400 in cash admission fees. 30 Paid $890 on balance owed for advertising incurred on April 8.

Question

Kahlua

Business

22 November, 09:36

Apr. 1 Stockholders invested $51,600 cash in the business in exchange for common stock. 4 Purchased land costing $29,000 for cash. 8 Incurred advertising expense of $1,700 on account. 11 Paid salaries to employees $1,580.12 Hired park manager at a salary of $3,400 per month, effective May 1.13 Paid $1,340 cash for a one-year insurance policy. 17 Declared and paid a $1,830 cash dividend. 20 Received $6,700 in cash for admission fees. 25 Sold 134 coupon books for $59 each. Each book contains 10 coupons that entitle the holder to one admission to the park. 30 Received $9,400 in cash admission fees. 30 Paid $890 on balance owed for advertising incurred on April 8.

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Answers (1)

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Jerome Simmons · Answer 1

We have to journalize these transactions.

Explanation:

Date Account Debit Credit

04/01 Cash $51,600

Common Stock $51,600

04/04 Land $29,000

Cash $29,000

04/08 Advertising Expense $1,700

Accounts Payable $1,700

04/11 Wages Expense $1,580.12

Cash $1,580.12

04/12 Wages Expense $3,400

Accrued Wages $3,400

04/13 Pre-Paid Insurance $1,340

Cash $1,340

04/17 Dividends Payable $1,830

Cash $1,830

04/20 Cash $6,700

Revenue $6,700

04/25 Cash $7,906

Revenue $7,906

04/30 Cash $9,400

Revenue $9,400

04/30 Cash $890

Accounts Payable $890