The Sheffield Theater, owned by Meg Vargo, will begin operations in March. The Sheffield will

be unique in that it will show only triple features of sequential theme movies. As of March $1,$ the

ledger of Sheffield showed: Cash No$.101$ $$3,050,$ No$.140$ Land $$25,000,$ No$.145$ Buildings

$($concession stand, projection room, ticket booth, and screen$)$ $$12,000,$ No$.157$ Equipment

$$12,000,$ No$.201$ Accounts Payable $$6,300,$ and No$.301$ Owner$$s Capital $$45,750.$ During the

month of March, the following events and transactions occurred.

Mar. $2$

Rented the three Indiana Jones movies to be shown for the first $3$ weeks of

March. The film rental was $$3,500$; $$1,600$ was paid in cash and $$1,900$ will be

paid on March $10.$

$3$

Ordered the Lord of the Rings movies to be shown the last $10$ days of March. It

will cost $$170$ per night.

$9$ Received $$4,400$ cash from admissions.

$10$

Paid balance due on Indiana Jones movies rental and $$2,100$ on March $1$

accounts payable.

$11$

Sheffield 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 $$800.$

$20$ Received $$5,500$ cash from customers for admissions.

$20$ Received the Lord of the Rings movies and paid the rental fee of $$1,700.$

$31$ Paid salaries of $$2,900.$

$31$

Received statement from Adam Ladd showing gross receipts from concessions

of $$6,000$ and the balance due to Sheffield Theater of $$900($$$6,000\backslash$times $15\%)$ for

March. Ladd paid one$-$half the balance due and will remit the remainder on April

$5.$

$31$ Received $$9,800$ cash from customers for admissions.

a$.$ Enter the beginning balances in the ledger.

b$.$ Journalize the March transactions. Sheffield records admission revenue as service revenue,

rental of the concession stand as rent revenue, and film rental expense as rent expense.

c$.$ Post the March journal entries to the ledger.

d$.$ Prepare a trial balance on March $31,2022.$