Question 7 of 7 -/25 E View Policies Current Attempt in Progress 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 $7,100, and Owner's Capital $38,950. 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 $3,000: $1,500 was paid in cash and $1.500 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 $150 per night. 9 Received $4,300 cash from admissions 10 Paid balance due on Indiana Jones movies rental and $1.700 on March 1 accounts payable. 11 Starr Theater contracted 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 $5.500 cash from customers for admissions. Received the Lord of the Rings movies and paid the rental fee of $1.500. Paid salaries of $2.500 31 Received statement from Adam Ladd showing gross receipts from concessions of $6,000 and the balance due to Starr Theater of 5900 (56,000 * 15%) for March. Ladd paid one-half the balance due and will remit the remainder on April Received $8.900 cash from customers for admissions 12 20 20 31 Ch 2 HW Question 7 of 7 -/25 Ref Debit Credit No. 101 Balance Ref Debit No. 112 Balance Credit Ref Debit Credit No. 140 Balance Cash Date Explanation 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 Mar. 1 Balance Accounts Payable Date Explanation Mar. 1 Balance Owner's Capital Date Explanation Mar. 1 Balance Ref Debit Credit No. 145 Balance Ref Debit Credit No. 157 Balance Ref Debit Credit No. 201 Balance Ref Debit Credit No. 301 Balance Question 7 of 7 -/25 Ref No. 400 Balance Debit Credit Ref No. 429 Balance Debit Credit Service Revenue Date Explanation Mar. 1 Balance Rent Revenue Date Explanation Mar. 1 Balance Advertising Expense Date Explanation Mar. 1 Balance Salaries and Wages Expense Date Explanation Mar. 1 Balance Rent Expense Date Explanation Mar. 1 Balance Ref Debit No. 610 Balance Credit No. 726 Ref Debit Credit Balance Ref Debit No. 729 Balance Credit e Textbook and Media List of Accounts