I need help to Journalize the March transactions The Triquel records admission revenue as service revenue, concession revenue as rent revenue, and film rental expense as rent expense (If no entry is required, select No entry for the account titles and enter 0 for the amounts Credit account titles are automatically indented when amount is entered Do not indent manually Record journal entries in the order presented in the problem ) HERE IS THE INFORMATION TO HELP MAKE THE JOURNAL ENTRY The Triquel Theater Inc was recently formed It began operations in March 2017 The Triquel is unique in that it will show only triple features of sequential theme movies On March 1, the ledger of The Triquel showed Cash $20,500 Land $42,500 Buildings (concession stand, projection room, ticket booth, and screen) $22,000 Equipment $16,000 Accounts Payable $16,500 and Common Stock $84,500 During the month of March, the following events and transactions occurred Mar 2 Rented the first three Star Wars movies ( Star Wars , The Empire Strikes Back, and The Return of the Jedi ) to be shown for the first three weeks of March The film rental was $9,700 $2,100 was paid in cash and $7,600 will be paid on March 10 3 Ordered the first three Star Trek movies to be shown the last 10 days of March It will cost $500 per night 9 Received $10,400 cash from admissions 10 Paid balance due on Star Wars movies' rental and $2,900 on March 1 accounts payable 11 The Triquel Theater contracted with R Lazlo to operate the concession stand Lazlo agrees to pay The Triquel 15 of gross receipts, payable monthly, for the rental of the concession stand 12 Paid advertising expenses $410 20 Received $7,300 cash from customers for admissions 20 Received the Star Trek movies and paid rental fee of $5,800 31 Paid salaries of $3,700 31 Received statement from R Lazlo showing gross receipts from concessions of $10,600 and the balance due to The Triquel of $1,590 ($10,600 15) for March Lazlo paid half the balance due for the rental of the concession stand and will remit the remainder on April 5 31 Received $20,500 cash from customers for admissions

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Oct 21, 2024

I need help to Journalize the March transactions. The Triquel records admission revenue as service revenue, concession revenue as rent revenue, and film rental expense

I need help to Journalize the March transactions. The Triquel records admission revenue as service revenue, concession revenue as rent revenue, and film rental expense as rent expense. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)

HERE IS THE INFORMATION TO HELP MAKE THE JOURNAL ENTRY

The Triquel Theater Inc. was recently formed. It began operations in March 2017. The Triquel is unique in that it will show only triple features of sequential theme movies. On March 1, the ledger of The Triquel showed Cash $20,500; Land $42,500; Buildings (concession stand, projection room, ticket booth, and screen) $22,000; Equipment $16,000; Accounts Payable $16,500; and Common Stock $84,500. During the month of March, the following events and transactions occurred:

Mar. 2		Rented the first three Star Wars movies (Star Wars, The Empire Strikes Back, and The Return of the Jedi) to be shown for the first three weeks of March. The film rental was $9,700; $2,100 was paid in cash and $7,600 will be paid on March 10.
3		Ordered the first three Star Trek movies to be shown the last 10 days of March. It will cost $500 per night.
9		Received $10,400 cash from admissions.
10		Paid balance due on Star Wars movies' rental and $2,900 on March 1 accounts payable.
11		The Triquel Theater contracted with R. Lazlo to operate the concession stand. Lazlo agrees to pay The Triquel 15% of gross receipts, payable monthly, for the rental of the concession stand.
12		Paid advertising expenses $410.
20		Received $7,300 cash from customers for admissions.
20		Received the Star Trek movies and paid rental fee of $5,800.
31		Paid salaries of $3,700.
31		Received statement from R. Lazlo showing gross receipts from concessions of $10,600 and the balance due to The Triquel of $1,590 ($10,600 .15) for March. Lazlo paid half the balance due for the rental of the concession stand and will remit the remainder on April 5.
31		Received $20,500 cash from customers for admissions.