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

Answer:

Date	Particulars	Debit ($)	Credit ($)
2-Mar	Film rental expenses	10000
	Accounts payable		8000
	Cash		2000
3-Mar	No entry is required
9-Mar	Cash	9900
	Admission fees received		9900
10-Mar	Accounts payable	8000
	Cash		8000
	Accounts payable	2900
	Cash		2900
11-Mar	No entry is required
12-Mar	Advertising expenses	500
	Cash		500
20-Mar	Cash	8300
	Admission fees received		8300
	Movie rental fees	5000
	Cash		5000
31-Mar	Salaries expenses	3800
	Cash		3800
	Cash	750
	Accounts receivable	750
	Concession revenue		1500
	Cash	20000
	Admission fees received		20000

Cash

Date	Account Title	Amt.	Date	Account Title	Amt.
Mar. 1	Balance	16000	Mar. 2	Rent expense	2000
Mar.9	Service revenue	9900	Mar.10	Accounts Payable	8000
Mar.20	Service revenue	8300	Mar.10	Accounts Payable	2900
Mar.31	Sales revenue	750	Mar.12	Advertising expense	500
			Mar.20	Rent expense	5000
			Mar.31	Salaries expense	3800
			Mar.31	Balance	12750
		34950			34950

  Land

Date	Account Title	Amt.	Date	Account Title	Amt.
Mar.1	Balance	38000	Mar.31	Balance	38000

Buildings

Date	Account Title	Amt.	Date	Account Title	Amt.
Mar.1	Balance	22000	Mar.31	Balance	22000

Equipment

Date	Account Title	Amt.	Date	Account Title	Amt.
Mar.1	Balance	16000	Mar.31	Balance	16000

Accounts Payable

Date	Account Title	Amt.	Date	Account Title	Amt.
Mar.10	Cash	8000	Mar.1	Balance	12000
Mar.10	Cash	2900	Mar.2	Rent expense	8000
Mar.31	Balance	9100
		20000			20000

Common Stock

Date	Account Title	Amt.	Date	Account Title	Amt.
Mar.31	Balance	80000	Mar.1	Balance	80000

Rent expense

Date	Account Title	Amt.	Date	Account Title	Amt.
Mar.2	Cash	2000	Mar.31	Balance	15000
Mar.2	Accounts Payable	8000
Mar.20	Cash	5000
		15000			15000

Service revenue

Date	Account Title	Amt.	Date	Account Title	Amt.
Mar.31	Balance	18200	Mar.9	Cash	9900
			Mar.20	Cash	8300
		18200			18200

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	3800	Mar.31	Balance	3800

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	1500	Mar.31	Cash	750
			Mar.31	Accounts Receivable	750
		1500			1500