Question P2-5b

P2-5B The Classic Theater is owned by Kim Lockerby. All facilities were completed on March 1. At this time, the ledger showed: No. 101 Cash $4,000, No. 140 Land $10,000, 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 $8,000, and No. 301 Owners Capital $18,000. During April, the following events and transactions occurred. LO 1, 2, 3,4) LS Problems: Set B 3 Apr Paid film rental of $1,100 on first movic. 3 Ordered two additional films at $1,000 each 9 Received $2,800 cash from admissions. 10 Made $2,000 payment on mortgage and $1,000 for accounts payable due. 1 Classic Theater contracted with Rhonda Humes to operate the concession stand. Humes is to pay Classic Theater 17% of gross concession receipts. payable monthly, for the rental of the concession stand Paid advertising expenses $500 Received one of the films ordered on April 3 and was billed $1,000. The film will be shown in April. Received $5,200 cash from admissions. Paid salaries $2,000. Received statement from Rhonda Humes showing gross concession receipts of $1,000 and the balance due to The Classic Theater of $170 ($1,000 17%) for April. Humes paid one-half of the balance due and will remit the remainder on 12 20 25 29 30 av 30 Prepaid $1,200 rental on special film to be run in May In addition to the accounts identified above, 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 Instructions (a) Enter the beginning balances in the ledger as of Apri . Insert a check mark () in the (b) Journalize the April transactions. Classic records admission revenue as service revenue (e) Post the April journal entries to the ledger. Assume that all entries are posted from (d) Prepare a rial balance on April 30, 2017 reference column of the ledger for the beginning balance. rental of the concession stand as rent revenue, and film rental expense as rent expense. page 1 of the journal (d) Trial balance totals $34,170