Question

The Triquel Theater Inc. was recently formed. It began operations in March 2022. The Triquel is unique in that it will show only triple features of sequential theme movies. On March 1, the ledger of The Triquel showed Cash $16,000; Land $38,000; Buildings (concession stand, projection room, ticket booth, and screen) $22,000; Equipment $16,000; Accounts Payable $12,000; and Common Stock $80,000. During the month of March, the following events and transactions occurred: Mar. 2 3 9 10 11 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 $10,000: $2,000 was paid in cash and $8,000 will be paid on March 10. Ordered the first three Star Trek movies to be shown the last 10 days of March. It will cost $500 per night. Received $9.900 cash from admissions. Paid balance due on Star Wars movies' rental and $2,900 on March 1 accounts payable. The Triquel Theater contracted with R. Lazlo to operate the concession stand. Lazlo agrees to pay The Triquel 15% of gross receipts, payable monthly, for the rental of the concession stand. Paid advertising expenses $500. Received $8,300 cash from customers for admissions. Received the Star Trek movies and paid rental fee of $5,000. Paid salaries of $3,800. Received statement from R. Lazlo showing gross receipts from concessions of $10,000 and the balance due to The Triquel of $1,500 ($10,000 x.15) for March. Lazlo paid half the balance due for the rental of the concession stand and will remit the remainder on April 5. Received $20,000 cash from customers for admissions. 12 20 20 31 31 31 (a) Using T-accounts, enter the beginning balances to the ledger. Cash Land Buildings Equipment Accounts Payable Common Stock

Answer 1

open ledger accounts and post the above journal entries to ledgers which is shown as follows:- (All amounts are in $)

Cash

Date	Account Title	Amt.	Date	Account Title	Amt.
Mar. 1	Balance	16,000	Mar. 2	Rent expense	2,000
Mar.9	Service revenue	9,900
Mar.20	Service revenue	8,300	Mar.10	Accounts Payable	20,000
Mar.31	Sales revenue	750	Mar.12	Advertising expense	500
Mar.31	Service revenue	20,000	Mar.20	Rent expense	5,000
			Mar.31	Salaries expense	3,800
			Mar.31	Balance	23650
		54,950			54950

  Land

Date	Account Title	Amt.	Date	Account Title	Amt.
Mar.1	Balance	38,000	Mar.31	Balance	38,000

Buildings

Date	Account Title	Amt.	Date	Account Title	Amt.
Mar.1	Balance	22,000	Mar.31	Balance	22,000

Equipment

Date	Account Title	Amt.	Date	Account Title	Amt.
Mar.1	Balance	16,000	Mar.31	Balance	16,000

Accounts Payable

Date	Account Title	Amt.	Date	Account Title	Amt.
Mar.10	Cash	20,000	Mar.1	Balance	12000
			Mar.2	Rent expense	8,000
Mar.31	Balance	-
		20,000			20,000

Common Stock

Date	Account Title	Amt.	Date	Account Title	Amt.
Mar.31	Balance	80,000	Mar.1	Balance	80,000

Rent expense

Date	Account Title	Amt.	Date	Account Title	Amt.
Mar.2	Cash	2,000	Mar.31	Balance	15,000
Mar.2	Accounts Payable	8,000
Mar.20	Cash	5,000
		15,000			15,000

Service revenue

Date	Account Title	Amt.	Date	Account Title	Amt.
Mar.31	Balance	20,200	Mar.9	Cash	9,900
			Mar.20	Cash	8,300
			Mar-31	cash	2000
		20,200			20,200

Advertising expense

Date	Account Title	Amt.	Date	Account Title	Amt.
Mar.12	Cash	500	Mar.31	Balance	500

Salaries expense

Date	Account Title	Amt.	Date	Account Title	Amt.
Mar.31	Cash	3,800	Mar.31	Balance	3,800

Accounts Receivable

Date	Account Title	Amt.	Date	Account Title	Amt.
Mar.31	Sales revenue	750	Mar.31	Balance	750

Sales revenue

Date	Account Title	Amt.	Date	Account Title	Amt.
Mar.31	Balance	1,500	Mar.31	Cash	750
			Mar.31	Accounts Receivable	750
		1,500			1,500