The Starr Theater, owned by Meg Vargo, will begin operations in March. The Starr will be unique in that it will show only triple features of sequential theme movies. As of March 1, the ledger of Starr showed: Cash $3,150, Land $22,000, Buildings (concession stand, projection room, ticket booth, and screen) $12,000, Equipment $12,000, Accounts Payable $7,600, and Owner's Capital $41,550. 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 $3,400; $1,400 was paid in cash and $2,000 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. Received $4,300 cash from admissions. 9 10 Paid balance due on Indiana Jones movies rental and $1,500 on March 1 accounts payable. 11 12 20 20 31 31 31 Starr 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. Paid advertising expenses $900. Received $5,100 cash from customers for admissions. Received the Lord of the Rings movies and paid the rental fee of $1,500. Paid salaries of $2,500. Received statement from Adam Ladd showing gross receipts from concessions of $5,000 and the balance due to Starr Theater of $750 ($5,000 15%) for March. Ladd paid one-half the balance due and will remit the remainder on April 5. Received $8,900 cash from customers for admissions. Enter the beginning balances in the ledger. Cash No. 101 Date Explanation Ref Debit Credit Balance Mar. Balance 3150 1 Accounts No. 112 Receivable Date Explanation Ref Debit Credit Balance Mar. Balance 1 Land No. 140 Date Explanation Ref Debit Credit Balance Mar. Balance 22000 Buildings No. 145 Date Explanation Ref Debit Credit Balance Mar. Balance 12000 1 Equipment No. 157 Date Explanation Ref Debit Credit Balance Mar. Balance 12000 1 Accounts Payable No. 201 Date Explanation Ref Debit Credit Balance Mar. Balance 7600 1 Owner's Capital No. 301 Date Explanation Ref Debit Credit Balance Mar. Balance 41550 1 Service Revenue No. 400 Date Explanation Ref Debit Credit Balance Mar. Balance 1 Rent Revenue Date Explanation Ref Mar. Balance 1 Advertising Expense Date Explanation Mar. Balance 1 No. 429 Debit Credit Balance No. 610 Ref Debit Credit Balance Salaries and Wages No. 726 Expense Date Explanation Ref Debit Credit Balance Mar. Balance 1 Rent Expense No. 729 Date Explanation Ref Debit Credit Balance Mar. Balance i 1 Journalize the March transactions. Starr records admission revenue as service revenue, rental of the concession stand as rent revenue, and film rental expense as rent expense. (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 > (Received admissions) Debit Credit (Paid movie rental) (Paid salaries) (Paid concessions) (Received admissions)

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To record the journal entries based on the given transactions for the Starr Theater well proceed with the transactions in the chronological order as t... View the full answer