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 15 25 48 30 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. 31 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. 31 Received statement from Brewer showing gross receipts from concessions of $28,300 and the balance due to Sandhill Theatre of $4,245 ($28,300 x 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. 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. 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. (b) Enter the beginning balances in the ledger as at May 1. Cash Date May 1 Land Date Building Date Equipment Date Date V Date Explanation Ref Debit Credit Date Balance Explanation Ref Debit Credit Balance V Accounts Payable Explanation Ref Debit Credit Balance Explanation Ref Debit Credit Balance Mortgage Payable Explanation Ref Debit Credit Balance V V Balance N. Walker, Capital Explanation Ref Debit Credit Explanation Ref Debit Credit Balatal Balance Balance Balance Balance Balance Balance Balance