PLEASE PROVIDE ANSWER FOR ALL BOXES. Due soon! thank you
The Wildhorse Theater Inc. was recently formed. It began operations in March 2022. The Wildhorse is unique in that it will show only triple features of sequential theme movies. On March 1, the ledger of The Wildhorse showed Cash $18,000; Land $40,000; Buildings (concession stand, projection room, ticket booth, and screen) $23,500; Equipment $17,000; Accounts Payable $12,300; and Common Stock $86,200. 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 $12.500: $1,500 was paid in cash and $11,000 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 $750 per night. 9 Received $11,100 cash from admissions. 10 Paid balance due on Star Wars movies' rental and $2,500 on March 1 accounts payable. 11 The Wildhorse Theater contracted with R. Lazlo to operate the concession stand. Lazlo agrees to pay The Wildhorse 15% of gross receipts, payable monthly, for the rental of the concession stand. 12 Paid advertising expenses $800. 20 Received $8,100 cash from customers for admissions. 20 Received the Star Trek movies and paid rental fee of $5,500. 31 Paid salaries of $3,700. 31 Received statement from R. Lazlo showing gross receipts from concessions of $10,800 and the balance due to the Wildhorse of $1,61 ($10,800 x 15) for March. Lazlo paid half the balance due and will remit the remainder on April 5. 31 Received $18,000 cash from customers for admissions. Using T-accounts, enter the beginning balances to the ledger Using T-accounts, enter the beginning balances to the ledger. nces to the ledger Cash Land Buildings Equipment Accounts Payable Common Stock Journalize the March transactions. The Wildhorse records admission revenue as service revenue, concession revenue as sales revenue, and film rental expense as rent expense. (if no entry is required, select "No entry for the account titles and enter 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.) Date Account Titles and Explanation Debit Credit Post the March journal entries to the ledger. (Post entries in the order of information presented in the question Cash 3/1 Bal. 18,000 Accounts Receivable Land 40,000 Land 3/1 Bal. 40,000 Buildings 3/1 23,500 Equipment 3/1 17,000 Accounts Payable Bal. 12,300 Common Stock Common Stock 3/1 3/1 Bal. Bal. 86,200 Service Revenue Sales Revenue Advertising Expense Advertising Expense Rent Expense Salaries and Wages Expense Prepare a trial balance on March 31, 2022 WILDHORSE THEATER INC. Trial Balance Debit Credit
