Current Attempt in Progress 9 10 The Sheridan Theater, owned by Meg Vargo, will begin operations in March. The Sheridan will be unique in that it will show only triple features of sequential theme movies. As of March 1, the ledger of Sheridan showed: Cash No. 101 $3,050, No. 140 Land $ 23,000, No. 145 Buildings (concession stand, projection room, ticket booth and screen) S 10,000, No. 157 Equipment $10,000, NO 201 Accounts Payable $ 7,100, and No 301 Owner's Capital $ 38,950. During the month of March, the following events and transactions occurred. Mar 2 Rented the three Indiana Jones movies to be shown for the first 3 weeks of March. The film rental was $3,000, $1.500 was paid in cash and $ 1.500 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 $ 150 per night. Received $4,300 cash from admissions Paid balance due on Indiana Jones movies rental and $ 1,700 on March 1 accounts payable. Sheridan Theater contracted with Adam Ladd to operate the concession stand. Ladd is to pay 15% of gross concession receipts, payable monthly, for the rental of the concession stand. Paid advertising expenses $ 900. Received $ 5,500 cash from customers for admissions. Received the Lord of the Rings movies and paid the rental fee of $ 1.500, Pald salaries of $ 2,500 Received statement from Adam Ladd showing gross receipts from concessions of $ 6,000 and the balance due to Starr Theater of 900 ($ 6,000 x 15%) for March. Ladd paid one-half the balance due and will remit the remainder on April 5. 11 12 20 20 31 31 31 Received $ 8,900 cash from customers for admissions. Cash No. 101 Date Explanation Ref Debit Credit Balance Mar. 1 Balance 3.050 11 31 1 1 13 11 11 21 31 No. 112 Accounts Receivable Date Debit Balance Explanation Ref Credit 31 Land No. 140 Debit Credit Balance 23,000 No. 145 Debit Credit Balance 10,000 Date Explanation Ref Mar. 1 Balance Buildings Date Explanation Ref Mar. 1 Balance Equipment Date Explanation Ref Mar. 1 Balance Accounts Payable Date Explanation Ref Mar. 1 Balance No. 157 Debit Credit Balance 10,000 No. 201 Debit credit Credit Balance 7.100 31 J1 No. 301 Debit Credit Owner's Capital Date Explanation Ref Mar. 1 Balance Balance 38,950 No. 400 Service Revenue Credit Date Debit Balance Explanation Ref 21 Rent Revenue No.429 Date Explanation Ref Debit Credit Balance 31 No. 610 Advertising Expense Explanation Ref Date Debit Credit Balance J1 No. 726 Salaries and Wages Expense Date Explanation Ref Debit Credit Balance J1 No. 729 Rent Expense Date Debit Credit Balance Explanation Ref J1 J1
