roblems: Set B 1B Forte Disc Golf Course was opened on March 1 by Matt Forte. The follow nts and transactions occurred during March. Invested $20,000 cash in the business. Purchased Heeren's Golf Land for $15,000 cash. The price consists of la shed $2,000, and equipment $1,000. (Make one compound entry.) 5 Paid advertising expenses of $700. 6 Paid cash $600[for a one-year insurance policy. Purchased golf discs and other equipment for $1,050 from Innova Comp in 30 days. 18 Received $1,100 in cash for golf fees earned (Forte records golf fee revenue). 19 Sold 150 coupon books for $10 each. Each book contains 4 coupons tha holder to play one round of disc golf. 3 10 25 Withdrew $800 cash for personal use. Paid salaries of $250. Paid Innova Company in full. Received $2,100 cash for fees earned. 30 30 31 Forte uses the following accounts: Cash, Prepaid Insurance, Land, Buildings. ounts Payable, Unearned Service Revenue, Owner's Capital, Owner's Draw enue, Advertising Expense, and Salaries and Wages Expense. ructions nalize the March transactions. 111/1339

roblems: Set B 1B Forte Disc Golf Course was opened on March 1 by Matt Forte. The follow nts and transactions occurred during March. Invested $20,000 cash in the business. Purchased Heeren's Golf Land for $15,000 cash. The price consists of la shed $2,000, and equipment $1,000. (Make one compound entry.) 5 Paid advertising expenses of $700. 6 Paid cash $600[for a one-year insurance policy. Purchased golf discs and other equipment for $1,050 from Innova Comp in 30 days. 18 Received $1,100 in cash for golf fees earned (Forte records golf fee revenue). 19 Sold 150 coupon books for $10 each. Each book contains 4 coupons tha holder to play one round of disc golf. 3 10 25 Withdrew $800 cash for personal use. Paid salaries of $250. Paid Innova Company in full. Received $2,100 cash for fees earned. 30 30 31 Forte uses the following accounts: Cash, Prepaid Insurance, Land, Buildings. ounts Payable, Unearned Service Revenue, Owner's Capital, Owner's Draw enue, Advertising Expense, and Salaries and Wages Expense. ructions nalize the March transactions. 111/1339

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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