Case study/Scenario analysis/ Analytical Type Questions (50 MARKS) Question No 1: (20x1 = 20 Marks) The Starr Theater, owned by Khalid, begun operations in March. During the month of March, the following events and transactions occurred. Pass journal entries to record the following transactions 1 March Rented the three Indiana Jones movies to be shown for the first 3 weeks of March. The film rental was OMR 3,500; OMR 1,500 was paid in cash and OMR 2,000 will be paid on March 3. 2 March Received OMR 4,300 cash from ticket sales. 3 March Paid balance due on Indiana Jones movies rental. 4 March Starr Theater contracted with Majan for the lighting and sound effects of the theater. They paid OMR 1,000 to Majan for the service. 5 March Paid advertising expenses OMR 900. 6 March Received OMR 5,000 cash from customers for ticket sales. 7 March Paid rental fee of OMR 2,000 for The Lord of the Rings movies. 8 March Paid half-month salaries of OMR 1,100. 9 March Received OMR 2,000 cash from customers for ticket sales. 10 March Khalid invested additional cash OMR 20,000 and building worth OMR 20,000 in the Company 11 March Signed a 2-year rental agreement on movies; paid OMR 24,000 cash in advance for the first year. 12 March Purchased equipment costing OMR 30,000. A cash payment of OMR 10,000 was made immediately, the remainder will be paid in 6 months. 13 March Paid OMR 1,800 cash for a one-year insurance policy on the furniture and equipment 14 March Purchased basic office supplies for OMR 420 on account. 15 March Received OMR 2,500 from customers as advance payment for use of the theater. 16 March Total revenues eamed were OMR 20,000 (OMR 8,000 was received in cash and OMR 12,000 on account.) 17 March Paid OMR 420 to suppliers for accounts payable due. 18 March Received OMR 3,000 from customers in payment of accounts receivable. 19 March Received utility bills in the amount of OMR 380, to be paid next month. 20 March Paid salaries of the employees, totalling OMR 1,100