solution

 

Feng Disc Golf Course was opened on March 1. The following selected events and transactions occurred during March (amounts in thousands).

Mar.

1 Lee Feng invested ¥20,000 cash in the business in exchange for ordinary shares.

3 Purchased Rainbow Golf Land for ¥15,000 cash. The price consists of land ¥12,000, building ¥2,000, and equipment ¥1,000. (Make one compound entry.)

5 Paid advertising expenses of ¥900. 6 Paid cash ¥600 for a one-year insurance policy.

10 Purchased golf discs and other equipment for ¥1,050 from Wang Company payable in 30 days.

18 Received ¥1,100 in cash for golf fees (Feng records golf fees as service revenue).

19 Sold 150 coupon books for ¥10 each. Each book contains 4 coupons that enable the holder to play one round of disc golf.

25 Declared and paid a ¥800 cash dividend. 30 Paid salaries of ¥250.

30 Paid Wang Company in full.

31 Received ¥2,700 cash for golf fees.

Feng Disc Golf uses the following accounts: Cash, Prepaid Insurance, Land, Buildings, Equipment, Accounts Payable, Unearned Service Revenue, Share Capital—Ordinary, Dividends, Service Revenue, Advertising Expense, and Salaries and Wages Expense.

 

Instructions

Journalize the March transactions.