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solve this with full work shown please On March 31, Lake Theatre Inc's general ledger showed Cash $6,000; Land $100,000; Buildings Bquipment $25,000; Accounts Payable
solve this with full work shown please
On March 31, Lake Theatre Inc's general ledger showed Cash $6,000; Land $100,000; Buildings Bquipment $25,000; Accounts Payable $5,000; Mortgage Payable $125,000; Common Shapes ; and Retained Barnings $31,000. During April, the following events and transactions occurred: Apt 2 Paid film rental fee of $800 on first movie to run during the month. 3 TPaid advertising expenses, $620. 3 Hired Thoms Iimited to operate a concession stand. Thoms agrees to pay Lake Theatre 20% of the gross concession receipts, payable monthly, for the right to operate the concession stand. 6 Frodered two additional films at $750 each. 11 Received \$1,950 from customers for admissions. 15 Paid $2,000 on the mortgage principal. Also paid $500 in interest on the mortgage. 17 Paid $2,800 of the accounts payable. 20 Received ong of the films ordered on April 6 and was billed $750. The film wT be shown in April. 25 Received $5,300 from customers for admissions. 28. Prepaid a $700 rental fee on a special film to be run in May. 30 Paid salaries, $1,900. 30 Received statement from Thoms showing gross concession receipts of $2,600 and the balance due to Lake Theatre of $520($2,60020%) for April. Thomil paid half of the balance due and will remit the remainder on May 5 . Instructions (a) Using T accounts, enter the beginning balances in the general ledger as at March 31 . (b) Journalize the April transactions. (c) Post the Aprll journal entries to the general ledger. (d) Prepare a trial balance at April 30, 2009 Step by Step Solution
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