Tools Help Next Options Weygandt Financial Accounting 10e Pr

Tools Help Next Options Weygandt, Financial Accounting, 10e Problem 2-1A Oriole Company was started on April 1 by R. S. Francis and associates. The following selected events and transactions occurred during Apri. Apr. 1 Stockholders invested $51,200 cash in the business in exchange for common stock. 4 Purchased land costing $30,800 for cash. 8 Incurred advertising expense of $2,000 on account 11 Paid salaries to employees $1,230. 12 Hired park manager at a salary of $3,900 per month, effective May 1. 13 Paid $1,860 cash for a one-year insurance policy 17 Declared and paid a $1,120 cash dividend 20 Received $5,200 in cash for admission fees. 25 Sold 128 coupon books for $46 each. Each book contains 10 coupons that entitle the holder to one admission to the park. 30 Received $9,000 in cash admission fees. 30 Paid $540 on balance owed for advertising incurred on April 8. Oriole uses the following accounts: Cash, Prepaid Insurance, Land, Accounts Payable, Unearned Service Revenue, Common Stock, Dividends, Ser Journalize the April transactions. (Credit account titles are automatically indented when the amount is entered, Do not indent manuafi entry is required, select \"No Entry\" for the account titles and enter o for the amounts.) Debit Credit Date Account Titles and Explanation

Solution

1-Apr Cash 51200      Common Stock 51200 4 Land 30800       Cash 30800 8 Advertising Expense 2000        Accounts Payable 2000 11 Salaries Expense 1230       Cash 1230 12 No entry 13 Prepaid Insurance 1860       Cash 1860 17 Dividends 1120       Cash 1120 20 Cash 5200      Service Revenue 5200 25 Cash 5888       Unearned Service Revenue 5888 30 Cash 9000      Service Revenue 9000 30 Accounts Payable 540       Cash 540