The Sequel Theater Inc. was recently formed. It began operations in March 2014. The Sequel is unique in that it will show only triple features of sequential theme movies. On March 1, the ledger of The Sequel showed Cash $16,000; Land $38,000; Buildings (concession stand, projection room, ticket booth, and screen) $22,000; Equipment $16,000; Accounts Payable $12,000; and Common Stock $80,000. During the month of March, the following events and transactions occurred.

Mar.2	Rented the threeStar Warsmovies (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 $9,877; $2,330 was paid in cash and $7,547 will be paid on March 10.
3	Ordered the first threeStar Trekmovies to be shown the last 10 days of March. It will cost $500 per night.
9	Received $10,670 cash from admissions.
10	Paid balance due onStar Warsmovies' rental and $2,900 on March 1 accounts payable.
11	The Sequel Theater contracted with J. Russo to operate the concession stand. Russo agrees to pay The Sequel 15% of gross receipts, payable monthly, for the rental of the concession stand.
12	Paid advertising expenses $540.
20	Received $8,310 cash from customers for admissions.
20	Received theStar Trekmovies and paid rental fee of $4,820.
31	Paid salaries of $3,820.
31	Received statement from J. Russo showing gross receipts from concessions of $13,000 and the balance due to The Sequel of $1,950 ($13,000 .15) for March. Russo paid half the balance due and will remit the remainder on April 5.
31	Received $19,700 cash from customers for admissions.