Problem 2-5A The Palace Theater opened on April 1. All facilities were completed on March 31. At this time, the ledger showed No. 101 Cash $6,000, No. 140 Land $12,000, No. 145 Buildings (concession stand, projection room, ticket booth, and screen) $8,000, No. 157 Equipment $6,000, No. 201 Accounts Payable $2,000, No. 275 Mortgage Payable $10,000, and No. 311 Common Stock $20,000. During April, the following events and transactions occurred. Apr. 2 Pald fim rental of $800 on first movie. Ordered two additional films at $950 each 3 Received $1,800 cash from admissions. 9 Made $2,000 payment on mortgage and $1,000 for accounts payable due. Palace Theater contracted with Dever Company to operate the concession stand. Dever is to pay 18% of gross concession receipts (payable monthly) for the rental of the concession stand. 12 Paid advertising expenses $320 Received one of the films ordered on April 3 and was billed $950. The film wll be shown in April 25 Received $5,200 cash from admissions. 29 Paid salaries $1,600 Raceived statement from Dever showing gross concession receipts of $1,000 and the balance due to The Palace Theater of $180 ($1,000 x 18 %) for April. Dever paid one-half of the 10 11 20 30 balance due and will remit the remainder on May 5 Prepaid $1,000 rental on special film to be run in May 30 In addition to the accounts identifed atbove, the chart of accounts shows No. 112 Accounts Receivable, No. 136 Prepaid Rent, No. 400 Service Revenue, No. 429 Rent Revenue, No. 610 Advertising Expense, No. 726 Salaries and Wages Expense, and No. 729 Rent Expense. Enter the beginning balances in the ledger as of April 1 No. 101 Cash Balance Credit Debit Date Explanation Ref. Apr. 1 Balance No.140 Land Balance Credit Debit Date Explanation Ref. V Apr. 1 Balance No.145 Buildings Balance Credit Debit Date Explanation Ref. V Apr. 1 Balance No. 157 Equipment Date Explanation Ref. Balance Credit Debit V Apr. 1 Balance No.201 Accounts Payable Balance Credit Debit Date Explanation Ref. Apr. 1 Balance No. 275 Mortgage Payable Balance Credit Debit Date Explanation Ref. V Apr. 1 Balance Common Stock No. 311 Date Explanation Ref. Debit Credit Balance Apr. 1 Balance SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT Journalize the April transactions. Palace Theater records admission revenue as service revenue, rental of the concession stand as rent revenue, and film rental expense as rent expense. (Cred account titles are automatically indented when the amount is entered. Do net indent manually, Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account teitles and enter 0 for the amounts.) Credit Debit Account Titles and Explanation Date Apr. 10 Apr. 10 Apr. 30 Apr. 30 (Received cash and balance on account for concession revenue) (Paid cash for future film rentals) SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO XT LINK TO TEXT Post the April journal entries to the ledger. (Post entries in the order of journal entries presented in the previ No. 101 Cash Balance Debit Credit Explanation Ref. Date 6,000 Apr. 1 V Balance J1 J1 Post the April journal entries to the ledger. (Post entries in the order of journa No. 101 Cash Debit Credit Balance Explanation Ref. Date V 6,000 Apr. 1 Balance J1 J1 J1 J1 J1 J1 J1 J1 Accounts Receiva ble No. 112 Debit Credit Balance Date Explanation Ref. J1 Prepaid Rent No. 136 Explanation Ref. Date Balance Debit Credit Prepaid Rent No.136 Explanation Ref. Credit Balance Date Debit J1 Land No.140 Date Explanation Ref. Debit Credit Balance V Apr. 1 Balance 12,000 Buildings No.145 Explanation Ref. Date Debit Credit Balance V Apr. 1 Balance 8,000 Equipment No. 157 Debit Date Explanation Ref. Credit Balance V Apr. 1 Balance 6,000 Accounts Payable No. 201 Date Explanation Ref. Debit Balance Credit Apr. 1 V Balance 2,000 J1 J1 Mortgage Payable No.275 Date Explanation Ref. Balance Debit Credit Apr. 1 Balance V 10,000 J1 Common Stock No.311 Explanation Ref. Date Debit Credit Balance Apr. 1 Balance 20,000 Service Revenue No.400 Date Explanation Ref. Debit Credit Balance J1 J1 Rent Revenue No. 429 Date Explanation Ref. Debit Credit Balance J1 Advertising Expense No.610 Date Explanation Ref. Debit Credit Balance J1 Salaries and Wages Expense No. 726 Date Explanation Ref. Debit Credit Balance J1 Rent Expense No. 729 Date Explanation Ref. Debit Credit Balance J1 1 No.729 Rent Expense Credit Balance Debit Explanation Ref. Date J1 J1 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT Prepare a trial balance on April 30, 2019. Palace Theater Trial balance Debit Credit A Totals