Current Attempt in Progress Sandhill Theatre, owned by Nadia Walker, is unique as it shows only movies that are part of a theme with sequels. As at April 30, 2024, the ledger of Sandhill Theatre showed the following: Cash $21.600, Land $75,400, Buildings $70,600, Equipment $16,700, Accounts Payable $5,590, Mortgage Payable $105,800, and N. Walker, Capital $72,910. In May, the following events and transactions occurred May 1 2 7 10 10 10 15 25 30 31 31 31 Rented the first four Harry Potter movies, to be shown in the first two weeks of May. The film rental was $25,200. Of that amount, $11,684 was paid in cash and the balance will be paid on May 10. Hired M. Brewer to operate the concession stand. Brewer agreed to pay Sandhill Theatre 15% of gross concession receipts, on the last day of each month, for the right to operate the concession stand. Paid advertising expenses, $1,090. Received $34,140 cash from customers for admissions. Paid the balance due from the May 1 movie rental transaction. Received the final four Harry Potter movies to be shown in the last two weeks of May. The film rental cost was $28,500. Paid $14,250 cash and the balance will be paid on June 1. Paid the accounts payable owing at the end of April. Paid salaries of $6,530. Received statement from Brewer showing gross receipts from concessions of $28,300 and the balance due to Sandhill Theatre of $4,245 ($28,300 15%) for May. Brewer paid $2,000 of the balance due and will pay the rest on June 5. Received $41,600 cash from admissions. Made a $1.890 mortgage payment. Of this amount, $1,385 is a principal payment, and $505 is interest on the mortgage In addition to the accounts identified above, Sandhill Theatre's ledger includes the following: Accounts Receivable; Admission Revenue: Concession Revenue: Advertising Expense: Film Rental Expense; Interest Expense; and Salaries Expense. Credit .../1 E ! Post the May journal entries to the ledger. (Post entries in the order of journal entries presented in the previous part) Question 1 of 2 (c) Cash Date Explanation Ref Debit May 1 Balance > > > < > > Balance 21,600 Accounts Receivable Date Explanation Ref Debit Credit Balance Land Date Explanation Ref Debit Credit Balance May 1 Balance 75,400 Building Date Explanation Ref Debit Credit Balance May 1 Balance 70,600 Equipment Date Explanation Ref Debit Credit Balance May 1 Balance 16,700 Accounts Payable Date Explanation Ref Debit Credit Balance May 1 Balance Accounts Payable 16,700 Date Explanation Ref Debit Credit Balance May 1 Balance 5,590 Mortgage Payable Date Explanation Ref Debit Credit Balance May 1 Balance 105,800 N. Walker, Capital Date Explanation Ref Debit Credit Balance May 1 Balance 72.910 Admission Revenue Date Explanation Ref Debit Credit Balance May 1 Balance Admission Revenue Date Explanation Ref Debit Credit Balance Concession Revenue Date Explanation Ref Debit Credit Balance Advertising Expense Date Explanation Ref Debit Credit Balance Film Rental Expense 72,910 Film Rental Expense Date v Explanation Ref Debit Credit Balance Interest Expense Date Explanation Ref Debit Credit Balance Salaries Expense Date Explanation Ref Debit Credit Balance eTextbook and Media: Save for Later Attempts: 0 of 1 used Submit