$4.00 P2-1A Accounting question. Frontier Park was started on April 1 by C. J. Mendez. The following selected events and transFound in Business: Accounting
Chapter 1, # 0
Frontier Park was started on April 1 by C. J. Mendez. The following selected events and transactions occurred during April.
|Apr. 1||Mendez invested $40,000 cash in the business.|
|4||Purchased land costing $30,000 for cash.|
|8||Incurred advertising expense of $1,800 on account.|
|11||Paid salaries to employees $1,500.|
|12||Hired park manager at a salary of $4,000 per month, effective May 1.|
|13||Paid $1,500 cash for a one-year insurance policy.|
|17||Withdrew $1,000 cash for personal use.|
|20||Received $5,700 in cash for admission fees.|
|25||Sold 100 coupon books for $25 each. Each book contains 10 coupons that entitle the holder to one admission to the park.|
|30||Received $8,900 in cash admission fees.|
|30||Paid $900 on balance owed for advertising incurred on April 8.|
Mendez uses the following accounts: Cash; Prepaid Insurance; Land; Account Payable; Unearned Admission Revenue; C.J. Mendez Capital; C.J. Mendez Drawing; Admission Revenue; Advertising Expenses; and Salaries Expense.
Journalize the April transactions. (If there is no transaction, enter No entry as the account and 0 for the amount.)
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- Posted on Apr 14, 2011 at 11:27:30PM
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