Acc280 Financial Accounting:  P2-5A The Lake Theater opened on April 1

Acc280 Financial Accounting: P2-5A The Lake Theater opened on April 1

Acc280 Financial Accounting

P2-5A
The Lake Theater opened on April 1. All facilities were completed on March 31. At this time, the ledger showed: No. 101 Cash $6,000; No. 140 Land $10,000; No. 145 Buildings (concession stand, projection room, ticket booth, and screen) $8,000; No. 157 Equipment $6,000; No. 201 Accounts Payable $2,000; No. 275 Mortgage Payable $8,000; and No. 311 Common Stock $20,000. During April, the following events and transactions occurred.
2-Apr Paid film rental of $800 on first movie.
3 Ordered two additional films at $1,000 each.
9 Received $2,800 cash from admissions.
10 Made $2,000 payment on mortgage and $1,000 for accounts payable due.
11 Lake Theater contracted with R. Wynns Company to operate the concession stand. Wynns is to pay 17% of gross concession receipts (payable monthly) for the right to operate the concession stand.
12 Paid advertising expenses $500.
20 Received one of the films ordered on April 3 and was billed $1,000. The film will be shown in April.
25 Received $5,200 cash from admissions.
29 Paid salaries $2,000.
30 Received statement from R.Wynns showing gross concession receipts of $1,000 and the balance due to The Lake Theater of $170 ($1,000 × 17%) for April. Wynns paid one-half of the balance due and will remit the remainder on May 5.
30 Prepaid $900 rental on special film to be run in May.
In addition to the accounts identified above, the chart of accounts shows: No. 112 Accounts Receivable, No. 136 Prepaid Rentals, No. 405 Admission Revenue, No. 406 Concession Revenue, No. 610 Advertising Expense, No. 632 Film Rental Expense, and No. 726 Salaries Expense.

Instructions
(a) Journalize the April transactions. (If there is no transaction, enter No entry as the description and 0 for the amount.) List amounts from largest to smallest eg 10, 5, 3, 2. If amounts are the same, list alphabetically.)
(b) Enter the beginning balances in the ledger as of April 1. Post the April journal entries to the ledger. Assume that all entries are posted from page 1 of the journal. (If answer is zero, please enter 0. Do not leave any fields blank.)
(c) Prepare a trial balance on April 30, 2008. (If answer is zero, please enter 0. Do not leave any fields blank.)
Acc280 Financial Accounting: P2-5A The Lake Theater opened on April 1
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