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I only need help with the journal entries and trial balance The Lake Theater is owned this time, the ledger showed: Ucin! ris owned by
I only need help with the journal entries and trial balance
The Lake Theater is owned this time, the ledger showed: Ucin! ris owned by Tony Carpino. All facilities were completed on March 31. At 101 Cash $6,000 140 Land $10,000 157 Equipment $6,000 Wildings (concession stand, projection room, ticket booth, and screen) $8,000 201 Accounts Payable $2,000 275 Mortgage Payable $8,000 301 Tony Carpino, Capital $20,000. 10 11 During April, the following events and transactions occurred. Apr 2 Paid film rental of $800 on first movie. 3 Ordered two additional films at $1,000 each. Received $2,800 cash from admissions. Made $2,000 payment on mortgage and $1,000 for accounts payable due. Lake Theater contracted with R. Wynns Company to operate the concession stand. Wynns is to pay 17% of gross concession receipts (payable monthly) for the right to operate the concession stand. Paid advertising expenses $500. 20 Received one of the films ordered on April 3 and was billed $1,000. The film will be shown in April. 25 Received $5,200 cash from admissions. 29 Paid salaries $2,000. 30 Received statement from R.Wynns showing gross concession receipts of $1,000 and the balance due to The Lake Theater of $170 ($1,000 x 17%) for April. Wynns paid one-half of the balance due and will remit the remainder on May 5. 30 Prepaid $900 rental on special film to be run in May. In addition to the accounts identified above, the chart of accounts shows: 112 Accounts Receivable 136 Prepaid Rentals 405 Admission Revenue 406 Concession Revenue 610 Advertising Expense 632 Film Rental Expense 726 Salaries Expense. Instructions: 1 Add the April 1 balances in the accounts. Use av in the posting reference column. 2 Journalize the April transactions in the general journal. 3 Post to the accounts. 4 Prepare the April 30 trial balance. Check Figure: Trial balance totals are $36,170Step by Step Solution
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