Question

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The Wildhorse Theater Inc. was recently formed. It began operations in March 2022. The Wildhorse is unique in that it will show only triple features of sequential theme movies. On March 1, the ledger of The Wildhorse showed Cash $18,000; Land $40,000; Buildings (concession stand, projection room, ticket booth, and screen) $23,500; Equipment $17,000; Accounts Payable $12,300; and Common Stock $86,200. During the month of March, the following events and transactions occurred: Mar. 2 Rented the first three Star Wars movies (Star Wars The Empire Strikes Back, and The Return of the Jedi) to be shown for the first three weeks of March. The film rental was $12.500: $1,500 was paid in cash and $11,000 will be paid on March 10. 3 Ordered the first three Star Trek movies to be shown the last 10 days of March. It will cost $750 per night. 9 Received $11,100 cash from admissions. 10 Paid balance due on Star Wars movies' rental and $2,500 on March 1 accounts payable. 11 The Wildhorse Theater contracted with R. Lazlo to operate the concession stand. Lazlo agrees to pay The Wildhorse 15% of gross receipts, payable monthly, for the rental of the concession stand. 12 Paid advertising expenses $800. 20 Received $8,100 cash from customers for admissions. 20 Received the Star Trek movies and paid rental fee of $5,500. 31 Paid salaries of $3,700. 31 Received statement from R. Lazlo showing gross receipts from concessions of $10,800 and the balance due to the Wildhorse of $1,61 ($10,800 x 15) for March. Lazlo paid half the balance due and will remit the remainder on April 5. 31 Received $18,000 cash from customers for admissions. Using T-accounts, enter the beginning balances to the ledger

Answer 1

From the information given above, I have entered Beginning balances to the ledger, journal entries, ledger accounts and Trial Balance for the period March.

A 1 Wildhorse Theatre Inc 2 Ledger Accounts Particulars Cash Amount Date 18000 Amount Date Date 7 1, March Particulars Particulars Opening balance Accounts Payable Amount Date Particulars 1, March Opening balance Amount 12300 Common Stock Particulars Land Amount Date 40000 Amount Date Particulars Amount Date 9 10 Date 11 1, March 12 Particulars Particulars Opening balance Amount 86200 1, March Opening balance 13 Buildings Amount Date 23500 Particulars Amount 14 15 Date Particulars 16 1, March Opening balance 17 18 19 Date Particulars 20 1, March Opening balance 21 Equipments Amount Date 17000 Particulars Amount 22

Z AA AB AC Wildhorse Theatre Inc Date Particulars Dr Cr Journal Entries 11, Mar No entry 0 0 Date Particulars Dr Cr 12, Mar 800 Advertising expense To Cash 800 2, Mar 8100 Cash To Service Revenue 8100 Rent Expense 12500 To Cash 1500 20, Mar To Accounts Payable 11000 (Rental expense for first three weeks of march for Star wars movie) 20, Mar Rent Expense 7500 To Accounts Payable 7500 (Ordered Star Trek movies to be shown for last 10days of March 31, Mar at a cost $750 per night. 750*10days= 7500) 5500 Accounts Payable To Cash 3, Mar 5500 3700 Salary expense To Cash 3700 9, Mar 11100 Cash To Service Revenue 31, Mar Cash Accounts Receivable To Sales Revenue 810 810 11100 1620 10, Mar 13500 31, Mar 18000 Cash To Service Revenue 18000 Accounts Payable 13500 To Cash (paid balance due on star wars movie = on 2, Mar rent 12500 Less: Cash paid 1500 Balance payable 11000 On 1, Mar Accounts payable 2500 13500

1 Wildhorse Theatre Inc 2 Ledger Accounts Date 10, Mar 20, Mar 31, Mar Particulars Cash Cash Closing Balance Accounts Payable Amount Date Particulars 135001, March Opening balance 5500 2, March Rent Expense 118003, March Rent Expense Amount 12300 11000 7500 71 30800 30800 6 Date Particulars 1, March Opening balance 8 9, Mar Service Revenue 9 20, Mar Service Revenue 10 31, Mar Sales Revenue 11 31, Mar Service Revenue Cash Amount Date Particulars Amount 18000 2, March Rent Expense 1500 1110010, Mar Accounts Payable 13500 8100 12, Mar Advertising expense 810 20, Mar Accounts Payable 5500 18000 31, Mar Salary expense 3700 31, Mar Closing Balance 31010 56010 56010 800 Date 31, Mar Particulars Closing Balance Common Stock Amount Date Particulars 862001, March Opening balance Amount 86200 Date 31, Mar Particulars Closing Balance Service Revenue Amount Date 37200 9, Mar 20, Mar 31, Mar 37200 Land Amount Date 40000 31, Mar Particulars Cash Cash Cash 16 Date Particulars 17 1. March Opening balance Particulars Closing Balance Amount 40000 Amount 11100 8100 18000 37200 21 Date Particulars 22 1, March Opening balance Buildings Amount Date 23500 31, Mar Particulars Closing Balance Amount 23500 Date 12, Mar Particulars Cash Advertising expense Amount Date Particulars 800 31, Mar Closing Balance Amount 300 1 24 25 Date 26 1, March Particulars Opening balance Equipments Amount Date 17000 31, Mar Particulars Closing Balance Amount 17000 Date 31, Mar Particulars Cash Salary expense Amount Date 3700 31, Mar Particulars Closing Balance 1 Amount 3700

28 Date Particulars Amount Particulars Closing Balance Sales Revenue Amount Date Particulars Amount 1620 31, Mar Cash 810 131, Mar Accounts Receivable 810 1620 1620 Accounts Recivable Amount Date Particulars | 810 31, Mar Closing Balance 29 30 Date 31 31, Mar 32 33 34 31, Mar Sales Revenue 810 35 36 Particulars Closing Balance Amount | 20000 37 Date Particulars 38 2, March Cash 39 2, March Accounts Payable 40 3, March Accounts Payable 41 42 43 44 Rent Expense Amount Date 1500 31, Mar 11000 7500 20000 20000 45 46

Wildhorse Theatre Inc Trial Balance as on 31, march Account Cash Land 31010 40000 23500 17000 810 20000 800 Buildings Equipment Accounts receivable Rent Expense Advertising expense Salary expense Sales Revenue Service Revenue Accounts Payable Common Stock 3700 1620 37200 11800 86200 136820 Total 136820