Enter beginning balances to ledger, journalize transactions, post journal entries to ledger and prepair trial balance

P3-8A Big Sky Drive-In Theater Inc. was recently formed. It began operations in April Jou 2007. On April 1, the ledger of Big Sky showed: Cash $31,000; Land $52,000; Buildings an (concession stand, projection room, ticket booth, and screen) $64,000; Equipment (SO $35,000; Accounts Payable $22,000; and Common Stock $160,000. During the month of April the following events and transactions occurred. Rented movies to be shown for the first two weeks of April. The film rental was $15,000; $3,000 was paid in cash and $12,000 will be paid or April 13 Ordered movies to be shown the last two weeks of April at a cost of $7,000 per week. Apr. 1 2 8 Received $11,400 cash from admissions 10 Hired R. Daggett to operate the concession stand. Daggett agrees to pay Big Sky 20% of gross receipts, payable monthly. Paid balance due on movie rentals and $7,400 on April 1 accounts payable Received the movies ordered April 2 and paid rental fee of $14,000 Paid advertising expenses $600. Received $9,800 cash from customers for admissions. Paid salaries of $5,200. Received statement from R. Daggett showing gross receipts from con- cessions of $10,400 and the balance due to Big Sky of $2,080 for April. Daggett paid half the balance due and will remit the remainder on May 8. Received $23,000 cash from customers for admissions. 13 14 15 18 30 30 30 n addition to the accounts identified above, the chart of accounts includes: Accounts Receivable, Admission Revenue, Concession Revenue, Advertising Expense, Film Rental Expense, and Salaries Expense. Instructions ) Using T accounts, enter the beginning balances to the ledger (b) Journalize the April transactions, including explanations. ) Post the April journal entries to the ledger (d) Prepare a trial balance on April 30, 2007. P3-8A Big Sky Drive-In Theater Inc. was recently formed. It began operations in April Jou 2007. On April 1, the ledger of Big Sky showed: Cash $31,000; Land $52,000; Buildings an (concession stand, projection room, ticket booth, and screen) $64,000; Equipment (SO $35,000; Accounts Payable $22,000; and Common Stock $160,000. During the month of April the following events and transactions occurred. Rented movies to be shown for the first two weeks of April. The film rental was $15,000; $3,000 was paid in cash and $12,000 will be paid or April 13 Ordered movies to be shown the last two weeks of April at a cost of $7,000 per week. Apr. 1 2 8 Received $11,400 cash from admissions 10 Hired R. Daggett to operate the concession stand. Daggett agrees to pay Big Sky 20% of gross receipts, payable monthly. Paid balance due on movie rentals and $7,400 on April 1 accounts payable Received the movies ordered April 2 and paid rental fee of $14,000 Paid advertising expenses $600. Received $9,800 cash from customers for admissions. Paid salaries of $5,200. Received statement from R. Daggett showing gross receipts from con- cessions of $10,400 and the balance due to Big Sky of $2,080 for April. Daggett paid half the balance due and will remit the remainder on May 8. Received $23,000 cash from customers for admissions. 13 14 15 18 30 30 30 n addition to the accounts identified above, the chart of accounts includes: Accounts Receivable, Admission Revenue, Concession Revenue, Advertising Expense, Film Rental Expense, and Salaries Expense. Instructions ) Using T accounts, enter the beginning balances to the ledger (b) Journalize the April transactions, including explanations. ) Post the April journal entries to the ledger (d) Prepare a trial balance on April 30, 2007