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+ Chapter 2 Homework - /10 Question 1 of 1 Current Attempt in Progress The Teal Mountain Theater will begin operations in March. The Teal Mountain will be unique in that it will show only triple features of sequential theme movies. As of March 1, the ledger of Teal Mountain showed No. 101 Cash W2,940, No. 140 Land W23,520, No. 145 Buildings (concession stand, projection room, ticket booth and screen) W9,800, No. 157 Equipment W9,800, No. 201 Accounts Payable W6,860, and No. 311 Share Capital-Ordinary W39,200. During the month of March, the following events and transactions occurred (amounts in thousands). Mar. 2 Rented the three Kung Fu Panda movies to be shown for the first 3 weeks of March. The film rental was W3,430; W1,470 3 Ordered three Batman movies to be shown the last 10 days of March. It will cost W196 per night 9 Received W4,214 cash from admissions Paid balance due on Kung Fu Panda movies rental and W2,058 on March 1 accounts payable. 11 Teal Mountain Theater contracted with So Bin to operate the concession stand. Bin is to pay 15% of gross concession rec Paid advertising expenses W882. 20 Received W4.900 cash from customers for admissions 20 Received the Batman movies and paid the rental fee of W1,960. Pald salaries of W3,038. 31 Received statement from So Bin showing gross receipts from concessions of W4.200 and the balance due to Starr Theat balance due and will remit the remainder on April 5. Received W8,820 cash from customers for admissions 10 12 31 31 In addition to the accounts identified above, the chart of accounts includes No. 112 Accounts Receivable, No. 400 Service Revenue, No. 429 Rent Revenue, No.610 Advertising Expense, No. 726 Salaries and Wages Expense, and No. 729 Rent Expense. + Chapter 2 Homework Question 1 of 1 - / 10 Current Attempt in Progress The Teal Mountain Theater will begin operations in March. The Teal Mountain will be unique in that it will show only triple features of sequential theme movies. As of March 1, the ledger of Teal Mountain showed No. 101 Cash W2,940, No. 140 Land W23,520, No. 145 Buildings (concession stand, projection room, ticket booth, and screen) W9,800, No. 157 Equipment W9,800, No.201 Accounts Payable W6,860, and No. 311 Share Capital-Ordinary w39.200. During the month of March, the following events and transactions occurred amounts in thousands) in for the first 3 weeks of March. The film rental was W3.430: W1,470 was paid in cash and W1,960 will be paid on March 10. 10 days of March. It will cost W196 per night nd W2,058 on March 1 accounts payable. perate the concession stand. Bin is to pay 15% of gross concession receipts, payable monthly, for the rental of the concession stand. ons. e of W1.960. eipts from concessions of w4,200 and the balance due to Starr Theater of W630 (W4,200 x 15%) for March. Bin paid one-half the 5. ons In addition to the accounts identified above, the chart of accounts includes No. 112 Accounts Receivable, No. 400 Service Revenue, No.429 Rent Revenue, No.610 Advertising Expense, No. 726 Salaries and Wages Expense, and No. 729 Rent Expense. + Chapter 2 Homework Question 1 of 1 - / 10 Enter the beginning balances in the ledger. (Enter amounts in thousands.) Debit Credit Balar Debit Credit Balar Cash Date Explanation Ref. Mar. Balance Accounts Receivable Date Explanation Ref. Mar. Balance Land Date Explanation Ref. Mar. Balance Buildings Date Explanation Ref. Mar. Balance Debit Credit Balar Debit Credit Balar Debit Credit Balar Debit Credit Balar Equipment Date Explanation Ref. Mar. Balance Accounts Payable Date Explanation Ref. Mar. Balance Share Capital-Ordinary Date Explanation Ref. Mar Balance 1 Debit Credit Balar Service Davama + Chapter 2 Homework Question 1 of 1 - / 10 Debit Credit Balan Debit Credit Balan Debit Credit Balan Service Revenue Date Explanation Ref. Mar. Balance 1 Rent Revenue Date Explanation Ref. Mar. Balance 1 Advertising Expense Date Explanation Ref. Mar. Balance 1 Salaries and Wages Expense Date Explanation Ref. Mar. Balance 1 Rent Expense Date Explanation Ref. Mar. Balance 1 Debit Credit Balan Debit Credit Balan + Chapter 2 Homework Question 1 of 1 -/10 Journalize the March transactions. Teal Mountain 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. Enter amounts in thousands.) Date Account Titles and Explanation Debit (Received cash for services performed) + Chapter 2 Homework Question 1 of 1 - / 10 III (Received cash for services performed) (Paid film rental) (Paid salaries expense) (Received cash and balance on account for rent revenue) (Received cash for services performed) eTextbook and Media List of Accounts Post the March journal entries to the ledger (Post entries in the order of journal entries presented in the previous question. Enter amounts in thousands.) + Chapter 2 Homework Question 1 of 1 - / 10 Post the March journal entries to the ledger. (Post entries in the order of journal entries presented in the previous question. Enter amounts in thousands.) Cash Date Debit Credit Explanation Ref. Mar. 1 Balance J1 J1 J1 J1 J1 J1 J1 J1 J1 Accounts Receivable Date Explanation Ref. Debit Credit J1 Debit Credit Land Date Explanation Ref. Mar. 1 Balance Buildings Date Explanation Ref. Mar. 1 Balance Equipment Date Explanation Ref. Debit Credit Debit Credit + Chapter 2 Homework Question 1 of 1 - /10 E Debit Credit Debit Credit Accounts Receivable Date Explanation Ref. J1 Land Date Explanation Ref. Mar. 1 Balance Buildings Date Explanation Ref. Mar. 1 Balance Equipment Date Explanation Ref. Mar. 1 Balance Accounts Payable Date Explanation Ref. Mar. 1 Balance TTI Debit Credit Debit Credit Debit Credit J1 J1 Debit Credit Share Capital-Ordinary Date Explanation Ref. Mar. 1 Balance Service Revenue Date Explanation Ref. Debit Credit J1 J1 J1 Rent Revenue Date Explanation Ref. Debit Credit J1 + Chapter 2 Homework Question 1 of 1 > - / 10 Debit Credit Date Debit Credit Rent Revenue Date Explanation Ref. J1 Advertising Expense Explanation Ref. J1 Salaries and Wages Expense Date Explanation Ref. J1 Debit Credit Rent Expense Date Explanation Ref. Debit Credit J1 J1 + Chapter 2 Homework Question 1 of 1 - / 10 Prepare a trial balance on March 31, 2020. (Enter amounts in thousands.) TEAL MOUNTAIN THEATER Trial Balance Debit w Totals 3 w