-/12 Question 2 of 2 The Sheridan Theater Inc. was recently formed. It began operations in March 2022. The Sheridan is unique in that it will show only triple features of sequential theme movies on March 1, the ledger of The Sheridan showed Cash $16,000 Land $38,000: Buildings concession stand, projection room, ticket booth and screen) 322,500 Equipment $15,000Accounts Payable $12,400, and Common Stock $79.100. During the month of March, the following events and transactions occurred: Mar. 2 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 $14,500, 1,700 was paid in cash and $12,800 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 $700 per night, 9 Received $12,000 cash from admissions, 10 Paid balance due on Star Wars movies' rental and $3,000 on March 1 accounts payable. The Sheridan Theater contracted with R. Lazlo to operate the concession stand, Lazlo agrees to pay The Sheridan 15% of gross receipts, payable monthly, for the rental of the concession stand 12 Paid advertising expenses $700 20 Received $9,500 cash from customers for admissions 20 Received the Star Trek movies and paid rental fee of $5,000 31 Paid salaries of $4,400. 31 Received statement from R. Lazlo showing gross receipts from concessions of $11.200 and the balance due to The Sheridan of $1,680 ($11.20015) for March. Lazlo paid half the balance due and will remit the remainder on April 5. 31 Received $23,500 cash from customers for admissions Using T-accounts, enter the beginning balances to the ledger Cash Land Buildings Equipment Accounts Payable Common Stock eTextbook and Media Journalize the March transactions. The Sheridanrecords admission revenue as service revenue, concession revenue as sales revenue and film rental expense as rent expense. (if no entry is required, select "No entry for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record Journal entries in the order presented in the problem) Debit Cred Date Account Titles and Explanation e Textbook and Media List of Accounts Post the Marchentries to the leder Post entries to the order of information presented in the con Cash 16.000 31 Bal V V Accounts Receivable Land 38.000 Buildings 22.500 Equipment 15.000 31 Bal Accounts Payable 2/3 12.400 Common Stock 02 Bal 79.100 Service Revenue > > > > > > > > > > > > > > > > Sales Revenue Advertising Expense Hent Expense "