Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 25 Sep 2017 My Price 10.00

Cora Theater

The Cora Theater, owned by Cora Graham, will begin operations in March. The Cora will be unique in that it will show only triple features of sequential theme movies. As of March 1, the ledger of Cora showed: No. 101 Cash $3,000, No. 140 Land $24,000, No. 145 Buildings (concession stand, projection room, ticket booth, and screen) $10,000, No. 157 Equipment $10,000, No. 201 Accounts Payable $7,000, and No. 301 Owner’s Capital $40,000. During the month of March the following events and transactions occurred.

Mar.

2

Rented the three Indiana Jonesmovies to be shown for the first 3 weeks of March.
   

The fi lm 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 Ringsmovies to be shown the last 10 days of March. It will
   

cost $200 per night.
 

9

Received $4,000 cash from admissions.
 

10

Paid balance due on Indiana Jonesmovies rental and $2,100 on March 1 accounts
   

payable.
 

11

Cora Theater contracted with Caleb Hanie to operate the concession stand. Hanie
   

is to pay 15% of gross concession receipts (payable monthly) for the rental of the
   

concession stand.
 

12

Paid advertising expenses $800.
 

20

Received $5,000 cash from customers for admissions.
 

20

Received the Lord of the Ringsmovies and paid the rental fee of $2,000.
 

31

Paid salaries of $3,100.
 

31

Received statement from Caleb Hanie showing gross receipts from concessions of
   

$6,000 and the balance due to Cora Theater of $900 ($6,000 3 15%) for March. Hanie
   

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.

Instructions

(a) Enter the beginning balances in the ledger. Insert a check mark (?) in the reference column of the ledger for the beginning balance.

(b) Journalize the March transactions. Cora records admission revenue as service revenue, rental of the concession stand as rent revenue, and fi lm rental expense as rent expense.

(c) Post the March journal entries to the ledger. Assume that all entries are posted from page 1 of the journal.

(d) Prepare a trial balance on March 31, 2012.

Answers

Maurice Tutor
(5)
Status NEW Posted 25 Sep 2017 01:09 PM My Price 10.00

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