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Question 2 of 2 -/25 = 1 View Policies Current Attempt in Progress The Swifty Theater, owned by Meg Vargo, will begin operations in March. The Swifty will be unique in that it will show only triple features of sequential theme movies. As of March 1, the ledger of Swifty showed: Cash No. 101 $3,050, No. 140 Land $23,000, No. 145 Buildings (concession stand, projection room, ticket booth, and screen) $12,000, No. 157 Equipment $12,000, No. 201 Accounts Payable $6,300, and No. 301 Owner's Capital $43,750. During the month of March, the following events and transactions occurred. Mar. 2 Rented the three Indiana Jones movies to be shown for the first 3 weeks of March. The film rental was $3,200: $1,500 was paid in cash and $1,700 will be paid on March 10. 3 Ordered the Lord of the Rings movies to be shown the last 10 days of March. It will cost $200 per night. 9 Received $4.100 cash from admissions. 10 Paid balance due on Indiana Jones movies rental and $2,100 on March 1 accounts payable. 11 Swifty Theater contracted with Adam Ladd to operate the concession stand. Ladd is to pay 15% of gross concession receipts, payable monthly, for the rental of the concession stand. 12 Paid advertising expenses $900. Received $5.500 cash from customers for admissions. Received the Lord of the Rings movies and paid the rental fee of $2,000. Paid salaries of $3,100. 31 Received statement from Adam Ladd showing gross receipts from concessions of $5,000 and the balance due to Swifty Theater of $750 ($5,000 x 15%) for March. Ladd paid one-half the balance due and will remit the remainder on April 5. Received $9.000 cash from customers for admissions. 2288 5 20 20 31 31 (a) Enter the beginning balances in the ledger. Cash Explanation Ref V Ref Ref Ref Ref Date Mar. 1 Balance Accounts Receivable Date Explanation Mar. 1 Balance Land Date Mar. 1 Balance Explanation Buildings Date Mar. 1 Balance Explanation Equipment Date Mar. 1 Balance Accounts Payable Explanation Debit Debit Debit Debit Debit Credit Credit Credit Credit Credit - /25 !!! No. 101 No. 112 No. 140 No. 145 No. 157 No. 201 Balance Balance Balance Balance Balance Accounts Payable Date Explanation Mar. 1 Balance Owner's Capital Date Explanation Mar. 1 Balance Service Revenue Date Mar. 1 Balance Explanation Rent Revenue Date Explanation Mar. 1 Balance Advertising Expense Date Explanation Mar. 1 Balance Salaries and Wages Expense Date Explanation Mar. 1 Balance Rent Expense Ref Ref Ref Ref Ref Ref Debit Debit Debit Debit Debit Debit Credit Credit Credit Credit Credit Credit No. 201 No. 301 No. 400 No. 429 No. 610 No. 726 No. 729 Balance Balance Balance Balance Balance Balance uestion 2 of 2 Vate Mar. 1 Balance Ref DEDIC Debit creat Credit -/25 E *** Balance Balance Attempts: 0 of 2 used. Submit Answer No. 729 (b). Journalize the March transactions. Swifty records admission revenue as service revenue, rental of the concession stand as rent revenue, and film rental expense as rent expense. (List all debit entries before credit entries. Credit account titles are automatically Indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) Date Account Titles and Explanation Debit Credit 111 Question 2 of 2