|March 2||Rented the three Indiana Jones movies to be shown for the first 3 weeks of March. The film rental was $3,500; $1,500 was paid in cash and $2,000 will be paid on March 10.|
|3||Ordered the Lord of the Rings movies to be shown the last 10 days of March. It will cost $200 per night.|
|9||Received $4,300 cash from admissions.|
|10||Paid balance due on Indiana Jones movies rental and $2,100 on March 1 accounts payable.|
|11||Starr Theater contracted with Adam Ladd to operate the concession stand Ladd is to pay 15% of gross concession receipts, payable monthly for the rental of the concession stand.|
|12||Paid advertising expenses $900.|
|20||Received $5,000 cash from customers for admissions.|
|20||Received the Lord of the Rings movies and paid the rental fee of $2,000.|
|31||Paid salaries of $3,100.|
|31||Received statement from Adam Ladd showing gross receipts from concessions of $6,000 and the balance due to Starr Theater of $900 ($6,000 X 15%) for March. Ladd paid one-half the balance due and will remit the remainder on April 5..|
|31||Received $9,000 cash from customers for admissions.|
In addition to the accounts identified above, the chart of accounts includes: No. 112 Accounts Receivable, No. 400 Service Revenue, No. 429 Rent Revenue, No. 610 Advertising Expense, no. 726 Salaries and Wages Expense and No. 729 Rent Expense.
- Enter the beginning balances in the ledger. Insert a check mark (√) in the reference column of the ledger for the beginning balance.
- Journalize the March transaction Starr records admission revenue as service revenue, rental of the concession stand as rent revenue, and film rental expense as rent expense.
- Post the March Journal entries to the ledger. Assume that all entries are posted from page 1 of the journal.
- Prepare a trial balance on March 31, 1018
March 31, 2018
Total Trial Balance = $64,100