Question

VOUS Semester 2010 WileyPLUS WileyPLUS: My WYPLUS I Help Contact Us JS Kimmel, Accounting, 7e PRIN. OF ACCT IAII (ACCT 2101 Practice Assignment Gradebook ORION Downloadable eTextbook signment CALCULATOR FULL SCREEN es PRINTER VERSION 4 BACK NI Problem 3-08A (Part Level Submission) The Sandhill Theater Inc. was recently formed. It began operations in March 2022. The Sandhill is unique in that it will show only triple features of sequential theme movies. On March 1, the ledge of The Sandhill showed Cash $17,000; Land $36,000; Buildings (concession stand, projection room, ticket booth, and screen) $22,500: Equipment $16,000; Accounts Payable $12,300; and Common Stock $79,200. 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 $13,500, $2,200 was paid in cash and $11,300 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 $700 per night. 9 Received $10,400 cash from admissions. 10 Paid balance due on Star Wars movies' rental and $2,600 on March 1 accounts payable. 11 The Sandhill Theater contracted with R. Lazlo to operate the concession stand. Lazlo agrees to pay The Sandhill 15% of gross receipts, payable monthly, for the rental of the concession stand, 12 Pald advertising expenses $500. 20 Received $9.200 cash from customers for admissions 20 Received the Star Trek movies and paid rental fee of $5,000 31 Paid salaries of $3,500. 31 Received statement from R. Lazlo showing gross receipts from concessions of $10,000 and the balance due to The Sandhill of $1,500 ($10,000 x .15) for March. Lazlo paid half the balance due and will remit the remainder on April 5. 31 Received $25,000 cash from customers for admissions. (a) Using T-accounts, enter the beginning balances to the ledger Cash Land Privacy Policy 1 2000-2020. John Wiley & Sons, Inc. All Rights Reserved. A Division of ohn Wiley & Sons, Inc. Version 4.24.2001

Answer 1

Answer :-Beginning of ledger accounts

Land A/C

Dr. Cr.

Date. Amount Date. amount

1March. $36000

31 March. $36000

Building A/C

Date Amount. Date. Amount

1 March $22500

31 March. $22500

Equipment A/C

Date. Amount. Date. Amount

1March. $16000

31 March. $16000

Common stock A/C

Date. Amount. Date Amount

1 March. $79200

31 March. $79200

Accounts payable A/C

Date. Amount. Date. Amount

10 march $13900 1March. $12300

2 March. $11300

31 March. $9700

Cash A/C

Date Amount. Date. Amount

1March. $17000. 2 March. $2200

9 March. $ 10400. 10 march. $13900

20 March. $9200. 12 March. $500

31 March. $25000. 20 March. $5000

31 March $750 31 March. $3500

31 March. $37250

Service revenue

Date. Amount. Date. Amount

9 March. $10400

20 March. $9200

31 March. $25000

31 March $ 44600

Rent revenue

Date. Amount. Date. Amount

31March. $1500

31 March. $1500

Advertisement expenses

Date. Amount. Date. Amount

12 March $500

31 March. $500

Rent Expenses

Date. Amount. Date. Amount

2 March. $13500

20 March $5000

31 March. $18500

Salary and wages Expenses

Date. Amount. Date. Amount

31 March. $3500

31 March. $3500

Accounts Receivable

Date. Amount. Date. Amount

31 March. $750

31 March. $750