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  • Grandview Park Was Started On April 1 by R S: Unlock Answers Here Solutiondone - Online

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    Grandview Park was started on April 1. In April, $50,000 was invested for common stock. Land costing $34,000 was purchased for cash. Advertising expenses of $1,800 were incurred on account. Salaries of $1,500 were paid to employees. A park manager was hired at a salary of $3,500 per month starting May 1. Insurance for $2,400 was purchased with cash. A $1,400 cash dividend was declared and paid. Admission fees of $5,700 and $8,900 were received in cash. Coupon books worth $3,000 were sold. The balance owed for advertising was paid.

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    Grandview Park was started on April 1. In April, $50,000 was invested for common stock. Land costing $34,000 was purchased for cash. Advertising expenses of $1,800 were incurred on account. Salaries of $1,500 were paid to employees. A park manager was hired at a salary of $3,500 per month starting May 1. Insurance for $2,400 was purchased with cash. A $1,400 cash dividend was declared and paid. Admission fees of $5,700 and $8,900 were received in cash. Coupon books worth $3,000 were sold. The balance owed for advertising was paid.

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    5 views1 page

    Grandview Park Was Started On April 1 by R S: Unlock Answers Here Solutiondone - Online

    Uploaded by

    trilocksp Singh
    Grandview Park was started on April 1. In April, $50,000 was invested for common stock. Land costing $34,000 was purchased for cash. Advertising expenses of $1,800 were incurred on account. Salaries of $1,500 were paid to employees. A park manager was hired at a salary of $3,500 per month starting May 1. Insurance for $2,400 was purchased with cash. A $1,400 cash dividend was declared and paid. Admission fees of $5,700 and $8,900 were received in cash. Coupon books worth $3,000 were sold. The balance owed for advertising was paid.

    Copyright:

    © All Rights Reserved
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    Grandview Park was started on April 1 by R S

    Grandview Park was started on April 1 by R. S. Francis and associates. The following selected
    events and transactions occurred during April.Apr. 1 Stockholders invested $50,000 cash in the
    business in exchange for common stock.4 Purchased land costing $34,000 for cash.8 Incurred
    advertising expense of $1,800 on account.Apr. 11 Paid salaries to employees $1,500.12 Hired
    park manager at a salary of $3,500 per month, effective May 1.13 Paid $2,400 cash for a one-
    year insurance policy.17 Declared and paid a $1,400 cash dividend.20 Received $5,700 in cash
    for admission fees.25 Sold 100 coupon books for $30 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 $840 on balance owed for advertising incurred on April 8.Grandview uses the
    following accounts: Cash, Prepaid Insurance, Land, Accounts Payable, Unearned Service
    Revenue, Common Stock, Dividends, Service Revenue, Advertising Expense, and Salaries and
    Wages Expense.InstructionsJournalize the April transactions.View Solution:
    Grandview Park was started on April 1 by R S
    SOLUTION-- http://solutiondone.online/downloads/grandview-park-was-started-on-april-1-by-r-
    s/

    Unlock answers here solutiondone.online


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