Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The Whispering Winds Theater opened on April 1. All facilities were completed on March 31. At this time, the ledger showed No. 101 Cash
The Whispering Winds Theater opened on April 1. All facilities were completed on March 31. At this time, the ledger showed No. 101 Cash $7,820, No. 140 Land $10,180, No. 145 Buildings (concession stand, projection room, ticket booth, and screen) $6,180, No. 157 Equipment $7,820, No. 201 Accounts Payable $3,820, No. 275 Mortgage Payable $8,180, and No. 311 Common Stock $20,000. During April, the following events and transactions occurred. Paid film rental of $1,700 on first movie. Ordered two additional films at $1,060 each. Received $2,420 cash from admissions. Made $2,090 payment on mortgage and $1,510 for accounts payable due. Whispering Winds Theater contracted with Dever Company to operate the concession stand. Dever is to pay 18% of gross concession receipts (payable monthly) for the rental of the concession stand. 12 Paid advertising expenses $320. Apr. 2 3 9 10 11 282 28 20 Received one of the films ordered on April 3 and was billed $1,060. The film will be shown in April. Received $6.700 cash from admissions. Paid salaries $2.200. 25 29 30 Received statement from Dever showing gross concession receipts of $2,100 and the balance due to the Whispering Winds Theater of $378 ($2.100 18%) for April. Dever paid one-half of the balance due and will remit the remainder on May 5. Prepaid $960 rental on special film to be run in May. 30 (c) Post the April journal entries to the ledger. (Post entries in the order of journal entries presented in the previous part) Cash Date Apr. 1 Explanation Balance Ref. 31 31 31 31 31 31 31 31 Debit Credit No. 101 Balance 7,820 Accounts Receivable Date Prepaid Rent Date Land Date Apr. 1 Buildings Date Apr. 1 Equipment Date Explanation Ref. Date Explanation Explanation Balance J1 Apr. 1 Accounts Payable Ref. J1 Ref. V Explanation Ref. Balance Explanation Ref. Balance Explanation Ref. Debit Debit Debit Debit Debit Debit Credit Credit Credit Credit Credit Credit No. 112 Balance No. 136 Balance No. 140 Balance 10,180 No. 145 Balance 6,180 No. 157 Balance 7,820 No. 201 Balance Accounts Payable Date Apr. 1 Apr. 1 Mortgage Payable Date Common Stock Date Date Explanation Rent Revenue Balance Apr. 1 Service Revenue Explanation Balance Ref. 31 31 Ref. V 31 Explanation Ref. Balance Explanation Ref. 31 31 Debit Debit Debit Debit Credit Credit Credit Credit Balance 3,820 No. 275 Balance No. 311 Balance 8,180 20,000 No. 400 Balance No. 429 Rent Revenue Date Advertising Expense Date Rent Expense Explanation Ref. Salaries and Wages Expense Date Date 31 Explanation Ref. 31 Explanation 31 Explanation Ref. 31 Ref. 31 J1 Debit Debit Debit Debit Credit Credit Credit Credit No. 429 Balance No. 610 Balance No. 726 Balance No. 729 Balance The Whispering Winds Theater opened on April 1. All facilities were completed on March 31. At this time, the ledger showed No. 101 Cash $7,820, No. 140 Land $10,180, No. 145 Buildings (concession stand, projection room, ticket booth, and screen) $6,180, No. 157 Equipment $7,820, No. 201 Accounts Payable $3,820, No. 275 Mortgage Payable $8,180, and No. 311 Common Stock $20,000. During April, the following events and transactions occurred. Paid film rental of $1,700 on first movie. Ordered two additional films at $1,060 each. Received $2,420 cash from admissions. Made $2,090 payment on mortgage and $1,510 for accounts payable due. Whispering Winds Theater contracted with Dever Company to operate the concession stand. Dever is to pay 18% of gross concession receipts (payable monthly) for the rental of the concession stand. 12 Paid advertising expenses $320. Apr. 2 3 9 10 11 282 28 20 Received one of the films ordered on April 3 and was billed $1,060. The film will be shown in April. Received $6.700 cash from admissions. Paid salaries $2.200. 25 29 30 Received statement from Dever showing gross concession receipts of $2,100 and the balance due to the Whispering Winds Theater of $378 ($2.100 18%) for April. Dever paid one-half of the balance due and will remit the remainder on May 5. Prepaid $960 rental on special film to be run in May. 30 (c) Post the April journal entries to the ledger. (Post entries in the order of journal entries presented in the previous part) Cash Date Apr. 1 Explanation Balance Ref. 31 31 31 31 31 31 31 31 Debit Credit No. 101 Balance 7,820 Accounts Receivable Date Prepaid Rent Date Land Date Apr. 1 Buildings Date Apr. 1 Equipment Date Explanation Ref. Date Explanation Explanation Balance J1 Apr. 1 Accounts Payable Ref. J1 Ref. V Explanation Ref. Balance Explanation Ref. Balance Explanation Ref. Debit Debit Debit Debit Debit Debit Credit Credit Credit Credit Credit Credit No. 112 Balance No. 136 Balance No. 140 Balance 10,180 No. 145 Balance 6,180 No. 157 Balance 7,820 No. 201 Balance Accounts Payable Date Apr. 1 Apr. 1 Mortgage Payable Date Common Stock Date Date Explanation Rent Revenue Balance Apr. 1 Service Revenue Explanation Balance Ref. 31 31 Ref. V 31 Explanation Ref. Balance Explanation Ref. 31 31 Debit Debit Debit Debit Credit Credit Credit Credit Balance 3,820 No. 275 Balance No. 311 Balance 8,180 20,000 No. 400 Balance No. 429 Rent Revenue Date Advertising Expense Date Rent Expense Explanation Ref. Salaries and Wages Expense Date Date 31 Explanation Ref. 31 Explanation 31 Explanation Ref. 31 Ref. 31 J1 Debit Debit Debit Debit Credit Credit Credit Credit No. 429 Balance No. 610 Balance No. 726 Balance No. 729 Balance The Whispering Winds Theater opened on April 1. All facilities were completed on March 31. At this time, the ledger showed No. 101 Cash $7,820, No. 140 Land $10,180, No. 145 Buildings (concession stand, projection room, ticket booth, and screen) $6,180, No. 157 Equipment $7,820, No. 201 Accounts Payable $3,820, No. 275 Mortgage Payable $8,180, and No. 311 Common Stock $20,000. During April, the following events and transactions occurred. Paid film rental of $1,700 on first movie. Ordered two additional films at $1,060 each. Received $2,420 cash from admissions. Made $2,090 payment on mortgage and $1,510 for accounts payable due. Whispering Winds Theater contracted with Dever Company to operate the concession stand. Dever is to pay 18% of gross concession receipts (payable monthly) for the rental of the concession stand. 12 Paid advertising expenses $320. Apr. 2 3 9 10 11 282 28 20 Received one of the films ordered on April 3 and was billed $1,060. The film will be shown in April. Received $6.700 cash from admissions. Paid salaries $2.200. 25 29 30 Received statement from Dever showing gross concession receipts of $2,100 and the balance due to the Whispering Winds Theater of $378 ($2.100 18%) for April. Dever paid one-half of the balance due and will remit the remainder on May 5. Prepaid $960 rental on special film to be run in May. 30 (c) Post the April journal entries to the ledger. (Post entries in the order of journal entries presented in the previous part) Cash Date Apr. 1 Explanation Balance Ref. 31 31 31 31 31 31 31 31 Debit Credit No. 101 Balance 7,820 Accounts Receivable Date Prepaid Rent Date Land Date Apr. 1 Buildings Date Apr. 1 Equipment Date Explanation Ref. Date Explanation Explanation Balance J1 Apr. 1 Accounts Payable Ref. J1 Ref. V Explanation Ref. Balance Explanation Ref. Balance Explanation Ref. Debit Debit Debit Debit Debit Debit Credit Credit Credit Credit Credit Credit No. 112 Balance No. 136 Balance No. 140 Balance 10,180 No. 145 Balance 6,180 No. 157 Balance 7,820 No. 201 Balance Accounts Payable Date Apr. 1 Apr. 1 Mortgage Payable Date Common Stock Date Date Explanation Rent Revenue Balance Apr. 1 Service Revenue Explanation Balance Ref. 31 31 Ref. V 31 Explanation Ref. Balance Explanation Ref. 31 31 Debit Debit Debit Debit Credit Credit Credit Credit Balance 3,820 No. 275 Balance No. 311 Balance 8,180 20,000 No. 400 Balance No. 429 Rent Revenue Date Advertising Expense Date Rent Expense Explanation Ref. Salaries and Wages Expense Date Date 31 Explanation Ref. 31 Explanation 31 Explanation Ref. 31 Ref. 31 J1 Debit Debit Debit Debit Credit Credit Credit Credit No. 429 Balance No. 610 Balance No. 726 Balance No. 729 Balance The Whispering Winds Theater opened on April 1. All facilities were completed on March 31. At this time, the ledger showed No. 101 Cash $7,820, No. 140 Land $10,180, No. 145 Buildings (concession stand, projection room, ticket booth, and screen) $6,180, No. 157 Equipment $7,820, No. 201 Accounts Payable $3,820, No. 275 Mortgage Payable $8,180, and No. 311 Common Stock $20,000. During April, the following events and transactions occurred. Paid film rental of $1,700 on first movie. Ordered two additional films at $1,060 each. Received $2,420 cash from admissions. Made $2,090 payment on mortgage and $1,510 for accounts payable due. Whispering Winds Theater contracted with Dever Company to operate the concession stand. Dever is to pay 18% of gross concession receipts (payable monthly) for the rental of the concession stand. 12 Paid advertising expenses $320. Apr. 2 3 9 10 11 282 28 20 Received one of the films ordered on April 3 and was billed $1,060. The film will be shown in April. Received $6.700 cash from admissions. Paid salaries $2.200. 25 29 30 Received statement from Dever showing gross concession receipts of $2,100 and the balance due to the Whispering Winds Theater of $378 ($2.100 18%) for April. Dever paid one-half of the balance due and will remit the remainder on May 5. Prepaid $960 rental on special film to be run in May. 30 (c) Post the April journal entries to the ledger. (Post entries in the order of journal entries presented in the previous part) Cash Date Apr. 1 Explanation Balance Ref. 31 31 31 31 31 31 31 31 Debit Credit No. 101 Balance 7,820 Accounts Receivable Date Prepaid Rent Date Land Date Apr. 1 Buildings Date Apr. 1 Equipment Date Explanation Ref. Date Explanation Explanation Balance J1 Apr. 1 Accounts Payable Ref. J1 Ref. V Explanation Ref. Balance Explanation Ref. Balance Explanation Ref. Debit Debit Debit Debit Debit Debit Credit Credit Credit Credit Credit Credit No. 112 Balance No. 136 Balance No. 140 Balance 10,180 No. 145 Balance 6,180 No. 157 Balance 7,820 No. 201 Balance Accounts Payable Date Apr. 1 Apr. 1 Mortgage Payable Date Common Stock Date Date Explanation Rent Revenue Balance Apr. 1 Service Revenue Explanation Balance Ref. 31 31 Ref. V 31 Explanation Ref. Balance Explanation Ref. 31 31 Debit Debit Debit Debit Credit Credit Credit Credit Balance 3,820 No. 275 Balance No. 311 Balance 8,180 20,000 No. 400 Balance No. 429 Rent Revenue Date Advertising Expense Date Rent Expense Explanation Ref. Salaries and Wages Expense Date Date 31 Explanation Ref. 31 Explanation 31 Explanation Ref. 31 Ref. 31 J1 Debit Debit Debit Debit Credit Credit Credit Credit No. 429 Balance No. 610 Balance No. 726 Balance No. 729 Balance
Step by Step Solution
★★★★★
3.48 Rating (145 Votes )
There are 3 Steps involved in it
Step: 1
Journal Entry Date Account title explanation Debit Credit 02Apr Rent Expenses Cash To record rent pa...Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started