Question

PLEASE PROVIDE ANSWER FOR ALL BOXES. Due soon! thank you

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

1.

Date	Account Titles	Debit	Credit
March		$	$
2	Rent Expense	12,500
	Cash		1,500
	Accounts Payable		11,000
3	No journal entry needed	0	0
9.	Cash	11,000
	Sales Revenue		11,000
10	Accounts Payable	13,500
	Cash		13,500
11.	No journal entry needed	0	0
12.	Advertising Expense	800
	Cash		800
20.	Cash	8,100
	Sales Revenue		8,100
20	Rent Expense	5,500
	Cash		5,500
31	Salaries and Wages Expense	3,700
	Cash		3,700
31	Cash	810
	Accounts Receivable	810
	Service Revenue		1,620
31	Cash	18,000
	Sales Revenue		18,000

2.

Cash
Beg.	18,000	Mar 2	1,500
Mar 9	11,100	Mar 10	13,500
Mar 20	8,100	Mar 12	800
Mar 31	810	Mar 20	5,500
Mar 31	18,000	Mar 31	3,700
Bal.	31,010
Accounts Receivable
Beg.	0
Mar 31	810
End.	810
Land
Beg.	40,000
End.	40,000
Buildings
Beg.	23,500
End.	23,500
Equipment
Beg.	17,000
End.	17,000
Accounts Payable
Mar 10	13,500	Beg.	12.300
		Mar 2	11,000
		End.	9,800
Common Stock
		Beg.	86,200
		End. bal.	86,200
Sales Revenue
		Mar 9	11,100
		Mar 20	8,100
		Mar 31	18,000
			37,200
Service Revenue
		Mar 31	1,620
			1,620
Advertising Expense
Mar 12	800
	800
Rent Expense
Mar 2	12,500
Mar 20	5,500
	18,000
Salaries and Wages Expense
Mar 31	3,700
	3,700

3.

Wildhorse Theater Inc. Trial Balance March 31
Account Titles	Debit	Credit
	$	$
Cash	31,010
Accounts Receivable	810
Land	40,000
Buildings	23,500
Equipment	17,000
Accounts Payable		9,800
Common Stock		86,200
Sales Revenue		37,200
Service Revenue		1,620
Advertising Expense	800
Rent Expense	18,000
Salaries and Wages Expense	3,700
Totals	$ 134,820	$ 134,820