Question 3 of 6 -11 TIL 9 The Starr Theater, owned by Meg Vargo, will begin operations in March. The Starr will be unique in that it will show only triple features of sequential theme movies. As of March 1, the ledger of Starr showed: Cash $3,050, Land $23,000, Buildings (concession stand, projection room, ticket booth, and screen) $10,000, Equipment $10,000, Accounts Payable $7,000, and Owner's Capital $39.050. 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 $1,400 was paid in cash and $1,800 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 $160 per night. Received $4,100 cash from admissions. Paid balance due on Indiana Jones movies rental and $2.200 on March 1 accounts payable. Starr Theater contacted 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. Paid advertising expenses $900. Received $5,400 cash from customers for admissions. Received the Lord of the Rings movies and paid the rental fee of $1,600. Paid salaries of $2,700. Received statement from Adam Ladd showing gross receipts from concessions of $6,000 and the balance due to Starr Theater of $900 ($6,000 x 15%) for March. Ladd paid one-half the balance due and will remit the remainder on April 5. Received $9,100 cash from customers for admissions. 10 11 12 20 20 31 31 31 Cash Date Explanation Ref Debit No. 101 Balance Credit Ref No. 112 Balance Debit Credit Ref Debit Credit Mar. 1 Balance Accounts Receivable Date Explanation Mar. 1 Balance Land Date Explanation Mar. 1 Balance Buildings Date Explanation Mar. 1 Balance Equipment Date Explanation No. 140 Balance Ref Debit No. 145 Balance Credit No. 157 Balance Ref Debit Credit Mar. 1 Balance Accounts Payable Date Explanation No. 201 Balance Ref Debit Credit Ref Debit Credit No. 301 Balance Mar. 1 Balance Owner's Capital Date Explanation Mar. 1 Balance Service Revenue Date Explanation Mar. 1 Balance Rent Revenue Date Explanation Ref Debit No. 400 Balance Credit Ref Debit No. 429 Balance Credit Mar. 1 Balance Ref Debit No. 610 Balance Credit Advertising Expense Date Explanation Mar. 1 Balance Salaries and Wages Expense Date Explanation Ref Debit No. 726 Balance Credit Mar. 1 Balance Rent Expense Date Explanation Ref Debit No. 729 Balance Credit Rent Expense Date Explanation Ref Debit Credit No. 729 Balance Mar. 1 Balance