View Policies Show Attempt History Current Attempt in Progress The Sunland Theater Inc. was recently formed. It began operations in March 2022. The Sunland is unique in that it will show only triple features of sequential theme movies. On March 1, the ledger of The Sunland showed Cash $ 17,000; Land $ 39,500; Buildings (concession stand, projection room, ticket booth, and screen) $ 20,500; Equipment $ 19,000; Accounts Payable $ 11,000; and Common Stock $ 85,000. 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 $ 11,500; $ 1.600 was paid in cash and $9.900 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 $ 700 per night. 9 Received $ 12,000 cash from admissions. 10 Paid balance due on Star Wars movies' rental and $3,000 on March 1 accounts payable. 11 The Sunland Theater contracted with R. Lazlo to operate the concession stand. Lazlo agrees to pay The Sunland 15% of gross receipts, payable monthly, for the rental of the concession stand. 12 Paid advertising expenses $ 400. 20 Received $ 8,900 cash from customers for admissions. 20 Received the Star Trek movies and paid rental fee of $ 5.000. 31 Paid salaries of $3,900. 31 Received statement from R. Lazlo showing gross receipts from concessions of $ 11,400 and the balance due to The Sunland of $ 1,710 ($ 11,400 x .15) for March. Lazlo paid half the balance due for the rental of the concession stand and will remit the remainder on April 5. 31 Received $ 21,500 cash from customers for admissions. Using T-accounts, enter the beginning balances to the ledger. Cash 3/1 Bal. 17000 Land 3/1 Bal. 39500 Buildings 3/1 Bal. 20500 Equipment 3/1 Bal. 19000 Accounts Payable 3/1 Bal. 11000 Common Stock 3/1 Bal. 85000 Date Account Titles and Explanation Debit Credi Mar. 2 Rent Expense Cash Mar. 3