Journalize the March transactions. Pronghorn's records golf fees as service revenue. (Credit account titles are automatically indentedwhen amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.Record journal entries in the order presented in the problem.) Pronghorn's Miniature Golf and Driving Range Inc. was opened on March 1 by Paul White. These selected events and transactionsoccurred during March.Mar 1Stockholders invested $52,000 cash in the business in exchange for common stock of the corporation.Purchased Snead's Golf Land for $39,520 cash. The price consists of land $23,920, building $9,360, and equipment$6,240. (Record this in a single entry.)3.Advertised the opening of the driving range and miniature golf course, paying advertising expenses of $1,248 cash.Paid cash $2,496 for a 1-year insurance policy.10Purchased golf clubs and other equipment for $5,720 from Tahoe Company, payable in 30 days.18Received golf fees of $1,664 in cash from customers for golf services performed.19Sold 104 coupon books for $32 each in cash, Each book contains 10 coupons that enable the holder to play one round ofminiature golf or to hit one bucket of golf balls. (Hint: The revenue should not be recognized until the customers use thecoupons.)25Paid a $520 cash dividend.30Paid salaries of $832.30Paid Tahoe Company in full for equipment purchased on March 10.31Received $936ó in cash from customers for golf services performed.

Journal entries recording is the initial step of accounting cycle process, under which atleast one…

Journalize the March transactions. Pronghorn's records golf fees as service revenue. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.)

Journalize the March transactions. Pronghorn's records golf fees as service revenue. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.)

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter11: Long-term Assets

Section: Chapter Questions

Problem 2EA: Jada Company had the following transactions during the year: Purchased a machine for $500,000 using...

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Johnson, Incorporated, had the following transactions during the year: Purchased a building for $5,000,000 using a mortgage for financing Paid $2,000 for ordinary repair on a piece of equipment Sold product on account to customers for $1,500,600 Paid $20,000 cash to add a storage shed in the corner of an existing building Paid $360,000 in monthly salaries Paid $25,000 for routine maintenance on equipment Paid $110,000 for extraordinary repairs Depreciation expense recorded for the year is $15,000. If all transactions were recorded properly, what is the amount of increase to the Property, Plant, and Equipment section of Johnsons balance sheet resulting from this years transactions? What amount did Johnson report on the income statement for expenses for the year?
For each of the following situations write the principle, assumption, or concept that justifies or explains what occurred. A. A landscaper received a customers order and cash prepayment to install sod at a house that would not be ready for installation until March of next year. The owner should record the revenue from the customer order in March of next year, not in December of this year. B. A company divides its income statements into four quarters for the year. C. Land is purchased for $205,000 cash; the land is reported on the balance sheet of the purchaser at $205,000. D. Brandys Flower Shop is forecasting its balance sheet for the next five years. E. When preparing financials for a company, the owner makes sure that the expense transactions are kept separate from expenses of the other company that he owns. F. A company records the expenses incurred to generate the revenues reported.
Johnson, Incorporated had the following transactions during the year: Purchased a building for $5,000,000 using a mortgage for financing Paid $2,000 for ordinary repair on a piece of equipment Sold product on account to customers for $1,500,600 Purchased a copyright for $5,000 cash Paid $20,000 cash to add a storage shed in the corner of an existing building Paid $360,000 in monthly salaries Paid $25,000 for routine maintenance on equipment Paid $110,000 for major repairs If all transactions were recorded properly, what amount did Johnson capitalize for the year, and what amount did Johnson expense for the year?
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