The Drive-in Movie Palace Ltd was recently formed. It began operations in March 2015. The Movie Palace is unique in that it is a drive-in theatre and will show only triple features of sequential theme movies. As of 28 February, the ledger of The Drive-in Movie Palace Ltd showed: (100) Cash $19 100; (110) Equipment $19 100; (120) Land $45 100; (130) Buildings $21 100; (200) Accounts Payable $15 100; and (300) Share Capital $89 300. During the month of March the following events and transactions occurred:

In addition to the accounts identified above, the chart of accounts includes: (105) Accounts Receivable, (400) Admission Revenue, (410) Coffee Cart Revenue, (500) Advertising Expense, (510) Film Rental Expense, and (520) Salaries Expense. 

Required

(a) Using T accounts, enter the beginning balances in the ledger.

(b) Journalise the March transactions, including narrations. 

(c) Post the March journal entries to the ledger accounts you prepared in part (a).

(d) Prepare a trial balance as at 31 March 2015.  

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Mar. 2 3 9 10 11 12 20 20 31 31 31 Acquired the three Bourne movies (The Bourne Identity, The Bourne Supremacy and The Bourne Ultimatum) to be shown for the first 3 weeks of March. The film rental was $15 100; $8000 was paid in cash and $7100 will be paid on 10 March. Ordered the Iron Man trilogy to be shown on the last 10 days of March. It will cost $500 per night. Received $11600 cash from admissions. Paid balance due on the Bourne movies rental and $7100 on 28 February accounts payable. Hired B. Barista to operate a coffee cart. Barista agrees to pay The Drive-in Movie Palace Ltd 20% of gross receipts, payable monthly. Paid advertising expenses $3900. Received $10 300 cash from admissions. Received the Iron Man movies and paid rental fee of $5000. Paid salaries of $6900. Received statement from B. Barista showing gross receipts from coffee cart sales of $11 100 and the balance due to The Drive-in Movie Palace Ltd of $2220 for March. B. Barista paid half the balance due and will remit the remainder on 5 April. Received $21 600 cash from admissions.