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I)Frontier Park was started on April 1 by C.J Mendez and associates. The following selected events and transactions occurred during April.
I)Frontier Park was started on April 1 by C.J Mendez and associates. The following selected events and transactions occurred during April.April 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 employee $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 âyear 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 1 admission per park.30 Received $8,900 in cash admission fees.30 Paid $900 on balance owed for advertisiing incurred on April 8.Mendez uses the following account: Cash;Prepaid Insurance;Land;Accounts payable;Unearned Admissions Revenue; Common Stock;Dividends; Admission Revenue; Advertising Expense; and Salaries Expense.
