Nuru Meda Golf and Driving Range plc was opened on March 1 by Nuru. The
following selected events and transactions occurred during March.
Mar. 1 Invested Br.120,000 cash in the business in exchange for ordinary
shares.
3 Purchased Mechare Meda’s Golf Land for Br. 76,000 cash. The price
consists of land Br. 20,000, building Br. 44,000, and equipment Br.
12,000. (Make one compound entry.)
5 Advertised the opening of the driving range and miniature golf course,
paying advertising expenses of Br. 3,200.
6 Paid cash Br. 2,480 for a 1-year insurance policy.
10 Purchased golf equipment for Br.5,000 from Young Company, payable in
30 days.
18 Received golf fees of Br.2,400 in cash.
25 Declared and paid a Br.2,000 cash dividend.
30 Paid salaries and wages of Br.1,800.
30 Paid Young Company in full.
31 Received Br. 1,500 of fees in cash.
Snyder uses the following accounts: Cash, Prepaid Insurance, Land, Buildings,
Equipment, Accounts Payable, Share Capital—Ordinary, Dividends, Service
Revenue, Advertising Expense, and Salaries and Wages Expense.
Instructions
● Journalize the March transactions.