The Concord Theater, owned by Meg Vargo, will begin operations in March. The Concord will be unique in that it will show only triple features of sequential theme movies. As of March 1, the ledger of Concord showed: Cash No. 101 $3,050, No. 140 Land $23,000, No. 145 Buildings (concession stand, projection room, ticket booth, and screen) $12,000, No. 157 Equipment $12,000, No. 201 Accounts Payable $7,200, and No. 301 Owner's Capital $42,850. During the month of March, the following events and transactions occurred Mar. 2 3 Rented the three Indiana Jones movies to be shown for the first 3 weeks of March. The film rental was $3,500; $1,400 was paid in cash and $2,100 will be paid on March 10. Ordered the Lord of the Rings movies to be shown the last 10 days of March. It will cost $150 per night. 9 Received $4,400 cash from admissions. 10 14 10 Paid balance due on Indiana Jones movies rental and $1,700 on March 1 accounts payable. 11 Concord 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. 12 Paid advertising expenses $900. 20 Received $5,500 cash from customers for admissions. 20 31 31 31 EO Received the Lord of the Rings movies and paid the rental fee of $1,500, Paid salaries of $2.600. Received statement from Adam Ladd showing gross receipts from concessions of $5.000 and the balance due to Concord Theater of $750 ($5,000 x 15%) for March. Ladd paid one-half the balance due and will remit the remainder on April 5. Received $9,000 cash from customers for admissions Cash No. 101 Date Explanation Ref Debit Credit Balance Mar. 1 Balance Accounts Receivable No. 112 Date Explanation Ref Debit Credit Balance Mar. 1 Balance Land No. 140 Date Explanation Ref Debit Credit Balance Mar. 1 Balance Buildings No. 145 Date Explanation Ref Debit Credit Balance Mar. 1 Balance Equipment No. 157 Date Explanation Ref Debit Credit Balance Mar. 1 Balance Accounts Payable No. 201 Date Explanation Ref Debit Credit Balance Owner's Capital No. 301 Date Explanation Ref Debit Credit Balance Mar. 1 Balance Service Revenue No. 400 Date Explanation Ref Debit Credit Balance Mar. 1 Balance Rent Revenue No. 429 Date Explanation Ref Debit Credit Balance Mar. 1 Balance Advertising Expense No. 610 Date Explanation Ref Debit Credit Balance Mar. 1 Balance Salaries and Wages Expense Date Explanation Mar. 1 Balance Rent Expense Date Cuplanatio No. 726 Ref Debit Credit Balance No. 729 (b) Journalize the March transactions. Concord records admission revenue as service revenue, rental of the concession stand as rent revenue, and film rental expense as rent expense. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit Received admissions) Paid movie rentat