2 question

JU, 2021, the ledger of Sequel Theatre showed the following: Cash $18,900, Land $75,000, Buildings $69,800, Equipment $17,000, Accounts Payable $4,990, Mortgage Payable $106,300, and N. Wood, Capital $69,410. In May, the following events and transactions occurred: Journalize transactions, post, and prepare trial balance. May 1 Rented the first four Harry Potter movies, to be shown in the first two weeks of May. The film rental was $25,000. Of that amount, $10,784 was paid in cash and the balance will be paid on May 10. Hired M. Brewer to operate the concession stand. Brewer agreed to pay Sequel Theatre 15% of gross concession receipts, on the last day of each month, for the right to operate the concession 2 stand 7 10 10 15 Paid advertising expenses, $1,090. Received $35,940 cash from customers for admissions. Paid the balance due from the May 1 movie rental transaction. Received the final four Harry Potter movies to be shown in the last two weeks of May. The film rental cost was $28,600. Paid $14,300 cash and the balance will be paid on June 1. Paid the accounts payable owing at the end of April. Paid salaries of $6,230. Received statement from Brewer showing gross receipts from concessions of $27,700 and the balance due to Sequel Theatre of $4,155 ($27,700 x 15%) for May. Brewer paid $2,370 of the balance due and will pay the rest on June 5. Received $41,800 cash from admissions. 25 30 31 31 31 31 Received $41,800 cash from admissions. Made a $1,790 mortgage payment. Of this amount, $1,185 is a principal payment, and $605 is interest on the mortgage. In addition to the accounts identified above, Sequel Theatre's ledger includes the following: Accounts Receivable; Admission Revenue; Concession Revenue; Advertising Expense; Film Rental Expense; Interest Expense; and Salaries Expense. Instructions a. Journalize the May transactions. b. Enter the beginning balances in the ledger as at May 1. Use the ledger format provided in Illustration 2.20. c. Post the May journal entries to the ledger. d. Prepare a trial balance at the end of May. Taking It Further A friend of vours is considering buving Sequel P2.4A (LO 1, 2, 3, 4) AP Emily Valley is a licensed dentist. During the first month of operation of her business, the following events and transactions occurred. Journalize transactions, post, and prepare a trial balance. Apr. 1 1 2 3 Invested $20,000 cash in her business. Hired a secretary- receptionist at a salary of $700 per week, payable monthly. Paid office rent for the month of $1,100. Purchased dental supplies on account from Dazzle Company of $4,000. Performed dental services and billed insurance companies $5,100. Received $1,000 cash advance from Leah Mataruka for an implant. Received $2,100 cash for 10 11 20 20 Received $2,100 cash for services performed from Michael Santos. 30 Paid secretary-receptionist $2,800 for the month. 30 Paid $2,400 to Dazzle for accounts payable due. Emily uses the following chart of accounts: No. 101 Cash, No. 112 Accounts Receivable, No. 126 Supplies, No. 201 Accounts Payable, No. 209 Unearned Revenue, No. 301 E. Valley, Capital, No. 400 Service Revenue, No. 726 Salaries Expense, and No. 729 Rent Expense. Instructions a. Journalize the transactions. b. Post the journal entries to the ledger accounts. (Use the ledger format provided in Illustration 2.20.) c. Prepare a trial balance at April 30, 2021. Back to page 3-1 Taking Tl Further Emily Valley