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    Robbins Real Estate, Lippizan Co, Bristol Co, Surepar Golf

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    Presented below is information related to Robbins Real Estate Agency, Inc.

    Oct. 1 Lynn Robbins begins business as a real estate agent with a cash investment of $20,000 in exchange for common stock.
    Oct. 2 Hires an administrative assistant.
    Oct. 3 Purchases office furniture for $1,900, on account.
    Oct. 6 Sells a house and lot for B. Kidman; bills B. Kidman $3,200 for realty services provided.
    Oct. 27 Pays $700 on the balance related to the transaction of October 3.
    Oct. 30 Pays the administrative assistant $2,000 in salary for October.

    Instructions- Journalize the transactions.


    On June 10, Lippizan Company purchased $6,000 of merchandise from Bristol Company FOB shipping point, terms 2/10, n/30. Lippizan pays the freight costs of $400 on June 11. Damaged goods totaling $300 are returned to Bristol for credit on June 12. The scrap value of these goods is $150. On June 19, Lippizan pays Bristol Company in full, less the purchase discount. Both companies use a perpetual inventory system.InstructionsPrepare separate entries for each transaction on the books of Lippizan Com.

    (a) Prepare separate entries for each transaction on the books of Lippizan Company.
    (b) Prepare separate entries for each transaction for Bristol Company. The merchandise purchased by Lippizan on June 10 had cost Bristol $3,000.


    Surepar Miniature Golf and Driving Range was opened on March 1 by Bill Affleck.
    The following selected events and transactions occurred during March:

    Mar. 1 Invested $60,000 cash in the business in exchange for common stock.
    Mar. 3 Purchased Leeâ??s Golf Land for $38,000 cash.The price consists of land $23,000, building $9,000, and equipment $6,000. (Make one compound entry.)
    Mar. 5 Advertised the opening of the driving range and miniature golf course, paying advertising expenses of $1,600.
    Mar. 6 Paid cash $1,480 for a one-year insurance policy.
    Mar. 10 Purchased golf clubs and other equipment for $2,600 from Parton Company payable in 30 days.
    Mar. 18 Received $800 in cash for golf fees earned.
    Mar. 19 Sold 100 coupon books for $15 each. Each book contains 10 coupons that enable the holder to play one round of miniature golf or to hit one bucket of golf balls.
    Mar. 25 Declared and paid $1,000 cash dividend.
    Mar. 30 Paid salaries of $600.
    Mar. 30 Paid Parton Company in full.
    Mar. 31 Received $500 cash for fees earned.

    Bill Affleck uses the following accounts: Cash; Prepaid Insurance; Land; Buildings; Equipment; Accounts Payable; Unearned Revenue; Common Stock; Dividends; Golf Revenue; Advertising Expense; and Salaries Expense.


    Journalize the March transactions.

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    Solution Summary

    The expert examines journalize transactions for Robbins Real Estate.