Prepare T-Account, Trial Balance, and 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, 600; Land $42, 600; Buildings (concession stand, projection room, ticket booth, and screen) $22,000; Equipment $16,000; Accounts Payable $16, 600; and Common Stock $84, 600. During the month of March, the following events and transactions occurred: Mar. 2 Rented the first three Star Wars movies (Star The Empire Strikes Back, and The Return of the Jedi) to be shown for the first three weeks of March. The film rental was $9,000; $2, 400 was paid in cash and $6, 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, 100 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. Lazio to operate the concession stand. Lazio agrees to pay The Triquel 15% of gross receipts, payable monthly, for the rental of the concession stand. 12 Paid advertising expenses $500. 20 Received $8, 500 cash from customers for admissions. 20 Received the Star Trek movies and paid rental fee of $4, 600. 31 Paid salaries of $3, 900. 31 Received statement from R. Lazio showing gross receipts from concessions of $10, 100 and the balance due to The Triquel of $1, 515 ($10, 100 times .15) for March. Lazio paid half the balance due and will remit the remainder on April 5. 31 Received $19, 300 cash from customers for admissions