Individual Assignment - Chapter 3 Problem P3-8A

You must complete all 4 parts (a, b, c, and d) of Problem P3-8A to earn full credit. You must submit your answers in Excel (only one Excel file will be graded - do not submit multiple Excel files). No Word document submissions will be graded.

Please read all of Chapter 3 before beginning this problem. The chapter will provide you with examples of T-accounts (part a), journal entires (part b), posting to the ledger (part c), and a trial balance (part d).

here problem

P3-8AThe 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 $16,000, Land $38,000, Buildings (concession stand, projection room, ticket booth, and screen) $22,000, Equipment $16,000, Accounts Payable $12,000, and Common Stock $80,000. During the month of March, the following events and transactions occurred.

Mar.2Rented the first threeStar Warsmovies (Star Wars,The Empire Strikes Back, andThe Return of the Jedi) to be shown for the first three weeks of March. The film rental was $10,000; $2,000 was paid in cash and $8,000 will be paid on March 10.3Ordered the first threeStar Trekmovies to be shown the last 10 days of March. It will cost $500 per night.9Received $9,900 cash from admissions.10Paid balance due onStar Warsmovies' rental and $2,900 on March 1 accounts payable.11The 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.12Paid advertising expenses $500.20Received $8,300 cash from customers for admissions.20Received theStar Trekmovies and paid rental fee of $5,000.31Paid salaries of $3,800.31Received statement from R. Lazlo showing gross receipts from concessions of $10,000 and the balance due to The Triquel of$1,500($10,000.15)$1,500($10,000.15)for March. Lazlo paid half the balance due and will remit the remainder on April 5.31Received $20,000 cash from customers for admissions.In addition to the accounts identified above, the chart of accounts includes Accounts Receivable, Service Revenue, Rent Revenue, Advertising Expense, Rent Expense, and Salaries and Wages Expense.

Instructions

(a) Using Taccounts, enter the beginning balances to the ledger.

(b) Journalize the March transactions, including explanations. The Triquel records admission revenue as service revenue, concession revenue as sales revenue, and film rental expense as rent expense.

(c) Post the March journal entries to the ledger.

(d) Prepare a trial balance on March 31, 2017.

MOST OF THE ANSWERS ARE ONLINE ON CHEGG.COM BUT DON'T COPY PASTE EVERYTHING. Where possible paraphrase