The Marigold Theatre Inc. was recently formed. It began operations in March $20$XX$.$ The Marigold is unique in that it will show only triple features of sequential theme movies. On March $1,$ the ledger of The Marigold showed Cash $$16,800,$ Land $$39,600,$ Buildings $($concession stand, projection room, ticket booth, and screen$)$ $$23,200,$ Equipment $$14,800,$ Accounts Payable $$11,200,$ and Common Shares $$83,200.$ During the month of March, the following events and transactions occurred.Mar. $2$Rented the first three Star Wars movies $($Star Wars$,$ The Empire Strikes Back, and The Return of the Jedi$)$ to be shown for the first three weeks of March. The film rental was $$9,200$; $$2,080$ was paid in cash and $$7,120$ will be paid on March $10\mathrm{.}3$ Ordered the first three Star Trek movies to be shown the last $10$ days of March. It will cost $$580$ per night$\mathrm{.}1.$ Received $$10,700$ cash from admissions$\mathrm{.}2.$ Paid balance due on Star Wars movies' rental and $$3,700$ on March $1$ accounts payable$\mathrm{.}3.$ The Marigold Theatre contracted with R$.$ Lazlo to operate the concession stand. Lazlo agrees to pay The Triquel $13\%$ of gross receipts, payable monthly, for the rental of the concession stand$\mathrm{.}4.$ Paid advertising expenses $$42020$ Received $$7,500$ cash from customers for admissions$\mathrm{.}20$ Received the Star Trek movies and paid rental fee of $$4,200\mathrm{.}31$ Paid salaries of $$4,600\mathrm{.}31$ Received statement from R$.$ Lazlo showing gross receipts from concessions of $$10,800$ and the balance due to The Marigold of $$1,404($$$10,800\backslash$times $0\mathrm{.}13)$ for March. Lazlo paid half the balance due and will remit the remainder on April $5\mathrm{.}31$ Received $$20,800$ cash from customers for admissions.$($a$)$Your answer is correct.Using T$-$accounts, enter the beginning balances to the ledger.Cash$3/1$ Bal$\mathrm{.}16800$Land$3/1$ Bal$\mathrm{.}3/1$ Bal$3/1$ Bal. $*39600^$Buildings$23200$Equipment$14800$Accounts Payable$3/1$ Bal.Common Shares$112003/1$ Bal. o$83200($B$)$Journalize the March transactions. The Marigold records admission revenue as service revenue, concession revenue as sales revenue, and film rental expense as rent expense. $($If no entry is required, select $"$No entry" for the account titles and enter $0$ for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.Record journal entries in the order presented in the problem.$)$DateMar$\mathrm{.}20$Account Titles and ExplanationDebitCreditRent ExpenseAccounts PayableCashMar$\mathrm{.}3$ aNo EntryNo EntryMar. $9$CashService RevenueMar. $10$Accounts PayableCashMar. $11$ CNo EntryNo EntryMar. $12$ oAdvertising ExpenseCashMar. $20$ cCashService RevenueMar. $20$ c$($To record cash received for admissions$)$Rent ExpenseMar. $31$ CCash$($To record film rental paid$)$Salaries and Wages ExpenseCash$($To record salaries expense paid$)1$ar$.310$CashAccounts ReceivableRent RevenueMar. $31($To record cash received and balance on account for concessions$)$CashService Revenue$($To record cash received for admissions$)$