10 Nov P2-1A Frontier Park was started on April 1 by C.
P2-1A Frontier Park was started on April 1 by C. J. Mendez and associates. The following selected events and transactions occurred during April. Apr. 1 Stockholders invested $40,000 cash in the business in exchange for common stock. 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 Declared and paid a $1,000 cash dividend. 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; Common stock; Dividends; Admission Revenue; Advertising Expense; and Salaries Expense. Instructions Journalize the April transactions. (If there is no transaction, enter No entry as the description and 0 for the amount.) Date Description/Account Debit Credit Apr. 1 (Issued shares of stock for cash.) Apr. 4 (Purchased land for cash.) Apr. 8 (Incurred advertising expense on account.) Apr. 11 (Paid salaries.) Apr. 12 (Hired park manager.) Apr. 13 (Paid for one-year insurance policy.) Apr. 17 (Declared and paid cash dividend.) Apr. 20 (Received cash for services provided.) Apr. 25 (Received cash for future services.) Apr. 30 (Received cash for services provided.) Apr. 30 (Paid creditor on account.) Link to Text 1Link to Text 2
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