3 The Ivanhoe Theater Inc. was recently formed. It began operations in March 2022. The Ivanhoe is unique in that it will show only triple features of sequential theme movies. On March 1, the ledger of The Ivanhoe showed Cash $16,000 Land $38,500: Buildings (concession stand, projection room, ticket booth, and screen) $21.500; Equipment $18,000; Accounts Payable $11,400; and Common Stock $82,600. 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 $12,500$2,300 was paid in cash and $10,200 will be paid on March 10 Ordered the first three Star Trek movies to be shown the last 10 days of March. It will cost $700 per night. 9 Received $10.500 cash from admissions. Paid balance due on Star Wars movies' rental and $3,200 on March 1 accounts payable. The Ivanhoe Theater contracted with R. Lazlo to operate the concession stand. Lazlo agrees to pay The Ivanhoe 15% of gross receipts, payable monthly, for the rental of the concession stand. 12 Paid advertising expenses $600. Received 600 cash from customers for admissions, Received the Star Trek movies and paid rental fee of $4,500 Paid salaries of $4,000 31 Received statement from R. Lazlo showing gross receipts from concessions of $10,400 and the balance due to the Ivanhoe of $1.560 ($10,400 * 15) for March. Lazlo paid half the balance due and will remit the remainder on April 5. Received $20.000 cash from customers for admissions. 10 11 20 20 31 31 Using T-accounts, enter the beginning balances to the ledger. Cash 3/2 Land Buildings Equipment Accounts Payable Common Stock e Textbook and Media Journalize the March transactions. The Ivanhoe records 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.) Date Account Titles and Explanation Debit Credit Post the March journal entries to the ledger. (Post entries in the order of information presented in the question) Cash 3/1 Bal 16,000 > C Accounts Receivable Land 3/1 Bal. 38.500 IVANHOE THEATER INC. Trial Balance Debit Credit 1