The Star-Lite Theater Inc. was recently formed. It began operations in March 2010. The Star-Lite is unique in that it will show only triple features of sequential theme movies. On March 1, the ledger of The Star-Lite 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 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 $10,000; $2,000 was paid in cash and $8,000 will be paid on March 10. 3 Ordered the first three Star Trek movies to be shown the last 10 days of March. It will cost $400 per night. 9 Received $9,200 cash from admissions. 10 Paid balance due on Star Wars movies rental and $2,600 on March 1 accounts payable. 11 Hired J. Carne to operate concession stand. Carne agrees to pay The Star-Lite Theater 15% of gross receipts, payable monthly. 12 Paid advertising expenses $900. 20 Received $7,100 cash from customers for admissions. 20 Received the Star Trek movies and paid rental fee of $4,000. 31 Paid salaries of $3,800. 31 Received statement from J. Carne showing gross receipts from concessions of $10,000 and the balance due to The Star-Lite of $1,500 for March. Carne paid half the balance due and will remit the remainder on April 5. 31 Received $20,000 cash from customers for admissions. Date Account/Description Debit Credit Mar. 2 Film rental expense 10000 Accounts payable 8000 Cash 2000 Mar. 3 No entry 0 No entry 0 Mar. 9 Cash 9200 Admission revenue 9200 Mar. 10 Accounts payable _____ Cash ____ Mar. 11 No entry 0 No entry 0 Mar. 12 Advertising expense 900 Cash 900 Mar. 20 Cash 7100 Admission revenue 7100 Mar. 20 Film rental expense 4000 Cash 4000 Mar. 31 Salaries expense 3800 Cash 3800 Mar. 31 Accounts receivable _____ Cash 750 Concession revenue 1500 Mar. 31 Cash 20000 Admission revenue 20000