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Question 3 of 6 < > 0.5/1 The Starr Theater, owned by Meg Vargo, will begin operations in March. The Starr will be unique in that it will show only triple features of sequential theme movies. As of March 1, the ledger of Starr showed: Cash $2,950, Land $24,000, Buildings (concession stand, projection room, ticket booth and screen) $11,000, Equipment $11,000, Accounts Payable $7,900, and Owner's Capital $41,050. During the month of March, the following events and transactions occurred. Mar. 2 3 9 10 11 Rented the three Indiana Jones movies to be shown for the first 3 weeks of March. The film rental was $3,600; $1,400 was paid in cash and $2.200 will be paid on March 10. Ordered the Lord of the Rings movies to be shown the last 10 days of March. It will cost $160 per night. Received $4,300 cash from admissions. Paid balance due on Indiana Jones movies rental and $2,100 on March 1 accounts payable. Starr Theater contracted with Adam Ladd to operate the concession stand, Ladd is to pay 15% of gross conceksion receipts, payable monthly, for the rental of the concession stand. Paid advertising expenses $800. Received $5,100 cash from customers for admissions. Received the Lord of the Rings movies and paid the rental fee of $1,600. Paid salaries of $2,800 Received statement from Adam Ladd showing gross receipts from concessions of $5,000 and the balance due to Starr Theater of $750 ($5,000 x 15%) for March. Ladd paid one-half the balance due and will remit the remainder on April 5. Received $9,200 cash from customers for admissions. 12 20 20 31 31 31 14 tv

Answer 1

Cash Date No. 101 Balance Ref Debit Credit 2950 1400 4300 J1 J1 J1 J1 2200 2100 Explanation 1-Mar Balance 2-Mar Rent Expenses 3-Mar Rent Revenue 4-Mar Account Payables 4-Mar Account Payables Advertismenet 12-Mar Expenses 20-Mar Rent Revenue 20-Mar Account Payables Salaries and Wages 31-Mar Expenses 31-Mar Rent Revenue 31-Mar Rent Revenue 31-Mar Balance C/d 800 J1 J1 J1 5100 1600 2800 J1 J1 J1 375 9200 11025 No. 112 Balance Debit Credit Account Receivable Date Explanation 31-Mar Rent Revenue 31-Mar Balance C/d Ref J1 375 375 Land Date No. 140 Balance Ref Debit Credit Explanation 1-Mar Balance 31-Mar Balance C/d 24000 24000

Building Date No. 145 Balance Ref Debit Credit Explanation 1-Mar Balance 31-Mar Balance C/d 11000 11000 Equipment Date Ref Debit Credit No. 157 Balance Explanation 1-Mar Balance 31-Mar Balance C/d 11000 11000 No. 201 Balance Ref Debit Credit 7900 Account Payables Date Explanation 1-Mar Balance 2-Mar Rent Expenses 3-Mar Rent Expenses 4-Mar Cash 4-Mar Cash 20-Mar Cash 31-Mar Balance C/d 2200 1600 J1 J1 J1 J1 J1 2200 2100 1600 5800 No. 301 Balance Ref Debit Credit Owner's Capital Date Explanation 1-Mar Balance 31-Mar Balance C/d 41050 41050