P2-5B The Quinn Theater, owned by Mike Quinn, will begin operations in March. The Quinn will be unique in that it will show only triple features of sequential theme movies. As of March 1, the ledger of Quinn showed: No. 101 Cash $16,000; No. 140 Land $42,000; No. 145 Buildings (con¬

cession stand, projection room, ticket booth, and screen) $18,000; No. 157 Equipment $16,000;

No. 201 Accounts Payable $12,000; and No. 311 Common Stock $80,000. During the month of March the following events and transactions occurred.

Mar. 2 Rented the three Star Wars movies (Star Wars, The Empire Strikes Back, and The Return of the Jedi) to be shown for the first 3 weeks of March. The film rental was

$6,000; $3,000 was paid in cash and $3,000 will be paid on March 10.

3 Ordered the first three Star Trek movies to be shown the last 10 days of March. It will cost $300 per night.

9Received $6,500 cash from admissions.

10 Paid balance due on Star Wars movies rental and $4,000 on March 1 accounts payable.

11 Quinn Theater contracted with M. Brewer Company to operate the concession stand.

Brewer is to pay 10% of gross concession receipts (payable monthly) for the right to operate the concession stand.

12 Paid advertising expenses $800.

20 Received $7,200 cash from customers for admissions.