Question 1 Blossom Theatre, owned by Nadia Jackson, is unique as it shows only movies that are part of a theme with sequels. As at April 30, 2024, the ledger of Blossom Theatre showed the following: Cash $23,100, Land $75,600, Buildings $69,200, Equipment $17,700, Accounts Payable $3,690, Mortgage Payable $105,100, and N. Jackson, Capital $76,810. In May, the following events and transactions occurred: May 1 Rented the first four Harry Potter movies, to be shown in the first two weeks of May. The film rental was $25,300. Of that amount, $9,984 was paid in cash and the balance will be paid on May 10. 2 Hired M. Brewer to operate the concession stand. Brewer agreed to pay Blossom Theatre 15% of gross concession receipts, on the last day of each month, for the right to operate the concession stand. 7 Paid advertising expenses, $1,990. 10 Received $34,240 cash from customers for admissions. 10 Paid the balance due from the May 1 movie rental transaction. 15 Received the final four Harry Potter movies to be shown in the last two weeks of May. The film rental cost was $29,300. Paid $14,650 cash and the balance will be paid on June 1. 25 Paid the accounts payable owing at the end of April. 30 Paid salaries of $5,430. 31 31 Received statement from Brewer showing gross receipts from concessions of $27,500 and the balance due to Blossom Theatre of $4,125 ($27,500 15%) for May. Brewer paid $2,500 of the balance due and will pay the rest on June 5. Received $41,000 cash from admissions. 31 Made a $1,790 mortgage payment. Of this amount, $1,285 is a principal payment, and $505 is interest on the mortgage. In addition to the accounts identified above, Blossom Theatre's ledger includes the following: Accounts Receivable; Admission Revenue; Concession Revenue; Advertising Expense; Film Rental Expense; Interest Expense; and Salaries Expense. tyisn Journalize the May transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Debit Date Account Titles Credit (To record admission revenue) (Payment on account) (To record concession revenue) (To record admission revenue) (To record mortgage payment) (b) Enter the beginning balances in the ledger as at May 1. Cash Date Explanation Ref Debit Credit Balance Balance Land Date Explanation Ref Debit Credit Balance Balance Building Date Explanation Ref Debit Credit Balance Balance Equipment Date Explanation Ref Debit Credit Balance Balance Accounts Payable Date Explanation Ref Debit Credit Balance Balance Mortgage Payable Date Explanation Ref Debit Credit Balance Balance N. Jackson, Capital Date Explanation Ref Debit Credit Balance Balance Pook the Mayores to the ledger. Post entries in the order of journal entries presented in the previous part) Date Explanation Ref May 1 Dalance Debit v Accounts Receivable Land Credit Balance 23500 Explanation Ref Debit Credit Balance Date Explanation Ref Debit Credit Balance May 1 Dalance Building Cate Explanation Ref Debit Credit Balance May 1 Dalance 300 Equipment Date Explanation Ref Debit Credit Balance May 1 Dalance 17,700 Accounts Payable Cate Explanation Ref Debit Credit Balance May 1 Dalance 5590 Mortgage Payabl Date Explanation Ref Debit Credit Ealance May 1 Dalance 105 100 N. Jackson, Capital Cate Explanation Ref Debit Credit Balance May 1 Dalance Admission Re Cate Explanation Ref Debit Credit Balance Concession Revenue Cate Explanation Ref Debit Credit Balance Advertising Expe Date Explanation Ref Debit Credit Balance Film Rental Exp Date Explanation Ref Debit Credit Balance Internet Exper Cate Explanation Ref Debit Credit Falance Salaries Expen Cate Explanation Ref Debit Credit Balance