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P2-5B The Cora Theater, owned by Cora Graham, will begin operations in March. The Cora will be unique in that it will show only triple features of sequential theme movies. As of March 1, the ledger of Cora showed: No. 101 Cash $3.000, No. 140 Land $24,000, No. 145 Buildings (concession stand, projection room, ticket booth, and screen) $10,000, No. 157 Equipment S10,000, No. 201 Accounts Payable $7,000, and No. 301 Owner's Capital S40,000. During the month of March the following events and transactions occurred. Mar. Rented the three Indiana Jones movies to be shown for the first 3 weeks of March. The 2 film rental was $3,500; S1,500 was paid in cash and $2,000 will be paid on March 10. 3 Ordered the Lord of the Rings movies to be shown the last 10 days of March. It will cost $200 per night 9 Received $4,000 cash from admissions. 10 Paid balance due on Indiana Jones movies rental and $2,100 on March 1 accounts payable. 11 Cora Theater contracted with Caleb Hanie to operate the concession stand. Hanie is to pay 15% of gross concession receipts (payable monthly) for the rental of the concession stand. 12 Paid advertising expenses $800. 20 Received $5,000 cash from customers for admissions, 20 Received the Lord of the Rings movies and paid the rental fee of $2,000. 31 Paid salaries of $3,100. 31 Received statement from Caleb Hanie showing gross receipts from concessions of 6,000 and the balance due to Cora Theater of S900 () for March. Hanie paid one-half the balance due and will remit the remainder on April 5. 31 Received $9,000 cash from customers for admissions. In addition to the accounts identified above, the chart of accounts includes: No. 112 Accounts Receivable, No. 400 Service Revenue, No. 429 Rent Revenue, No. 610 Advertising Expense, No. 726 Salaries and Wages Expense, and No. 729 Rent Expense. Instructions (a) Enter the beginning balances in the ledger. Insert a check mark (7) in the reference column of the ledger for the beginning balance. () Joumalize the March transactions. Cora records admission revenue as service revenue, rental of the concession stand as rent revenue, and film rental expense as rent expense. (c) Post the March journal entries to the ledger. Assume that all entries are posted from page 1 of the journal. (d) Prepare a trial balance on March 31, 2012. P2-5A The Chicago Theater is owned by Rashied Davis. All facilities were completed on March 31. At this time, the ledger showed: No. 101 Cash $4,000, No. 140 Land $10,000, No. 145 Buildings (concession stand. projection room, ticket booth, and screen) $8.000, No. 157 Equipment $6,000, No. 201 Accounts Payable $2,000, No. 275 Mortgage Payable $8,000, and No. 301 Owner's Capital $18,000. During April, the following events and transactions occurred. Apr. Paid film rental of $1,100 on first movie. 2 3 Ordered two additional films at $1,000 each. 9 Received $2,800 cash from admissions. 10 Made $2,000 payment on mortgage and $1,000 for accounts payable due. 11 Chicago Theater contracted with Virginia MoCaskey to operate the concession stand. McCaskey is to pay 17% of gross concession receipts (payable monthly) for the rental of the concession stand. 12 Paid advertising expenses $500. 20 Received one of the films ordered on April 3 and was billed $1,000. The film will be shown in April. 25 Received $5,200 cash from admissions. 29 Paid salaries $2,000. 30 Received statement from Virginia McCaskey showing gross concession receipts of $1,000 and the balance due to the Chicago Theater of $170() for April. McCaskey paid one-half of the balance due and will remit the remainder on May 5. 30 Prepaid $1,200 rental on special film to be run in May. In addition to the accounts identified above, the chart of accounts shows: No. 112 Accounts Receivable, No. 136 Prepaid Rent, No. 400 Service Revenue, No. 429 Rent Revenue, No. 610 Advertising Expense, No. 726 Salaries and Wages Expense, and No. 729 Rent Expense. Instructions (a) Enter the beginning balances in the ledger as of April 1. Insert a check mark () in the reference column of the ledger for the beginning balance. Trial balance totals $34,170 (b) Joumalize the April transactions. Chicago records admission revenue as service revenue, rental of the concession stand as rent revenue, and film rental expense as rent expense. (e) Post the April journal entries to the ledger. Assume that all entries are posted from page 1 of the journal. (4) Prepare a trial balance on April 30, 2012. PROBLEM 2-5 (a) & (c) Cash No. 101 Date Explanation Ref Debit CreditBalance Apr. 1Balance 4.000 J1 1,100 2.500 . J12.00 5,700 10 J1 3,000 2,700 12 500 2.200 25 J15.200 7.460 29 JI 2.000 5400 30 J185 5.45 30 1.200 4.205 Accounts Receivable No. 112 Date Explanation Ref Debit Creditbalance Apr 30 Prepaid Rent No. 136 Dato Explanation of Debit Credit Balance Apr. 20 J1 1.200 1,200 Land No. 140 Date Explanation ReebiCredit Balance Apr. 1 Balance 10.00 Buildings No. 145 Duto Explanation ReebiCredit Balance Agr. 1 Balance 3.000 PROBLEM 2-5A (Continued) Equipment No. 157 Date Explanation ReebiCredilalance 6.000 Accounts Payable No. 201 Date Explanation of Debit Credit Balance Apr. Balance 2.000 10 J1 1.000 20 1.000 2.000 Mortgage Payable No. 275 Date Explanation Red Debit Crosbalance Apr 1Balance 8.000 10 12.000 6.000 Owner's Capital No. 301 Date Explanation DebitCreditBalance Apr Thane 18.000 Service Revenue No. 400 Date Explanation Debit Credit Balance J1 2.000 2.800 J15.200 3.000 Rent Revenue No. 429 Date Explanation ReebiCredit Balance Apr. 3 JI 170 170 PROBLEM 2-5A (Continued) Advertising Expense No. 610 Date Explanation RefDebitCreditBalance Apr. 12 J1 500 500 No. 726 Salaries and Wages Expense Date Explanation Ref.Debit CreditBalance Apr. 29 J1 2,000 2,000 Rent Expense No. 729 Date Explanation Ref.Debit CreditBalance Apr. 2 J1 1,100 1,100 20 J1 1,000 2,100 (b) Date Account Titles and Explanation Apr. Rent Expense Cash (Paid film rental) Ref. Debit Credit 6321,100 1,100 101 3 No entry-not a transaction. 2,800 9 Cash 1012,800 Service Revenue 400 (Received cash for services provided) 2752,000 2011,000 101 3,000 10Mortgage Payable Accounts Payable Cash (Made payments on mortgage and accounts payable) PROBLEM 2-5A (Continued) Date Account Titles and Explanation Ret. Debit Credit Apr. 1 No entry-not a transaction 12 Advertising Expense 610 500 Cash 101 500 (Paid advertising expenses) 20 Rent Expense 7290,000 Accounts Payable 201 1.000 (Rented film on account) 25 Cash 1015,200 Service Revenue 400 5.200 (Received cash for services provided) 7262,000 101 Cash 2.000 2 Salaries and Wages Expense (Paid salaries expense) 30 Cash Accounts Receivable Rent Revenue (17% X $1,000) (Received cash and balance on account for rent revenue) 101 85 11285 429 170 1361,200 101 1.200 30 Prepaid Rent Cash (Pald cash for future film rentals) PROBLEM 2-5A (Continued) (d) CHICAGO THEATER Trial Balance April 30, 2012 85 Debit Credit Cash $ 4,285 Accounts Receivable Prepaid Rent 1,200 Land 10,000 Buildings 8,000 Equipment 6,000 Accounts Payable $ 2,000 Mortgage Payable 6,000 Owner's Capital 18,000 Service Revenue 8,000 Rent Revenue 170 Advertising Expense 500 Rent Expense 2,100 Salaries and Wages Expense 2.000 $34,170 $34.170