On February 28, 2018, Wildhorse Inc.’s general ledger showedCash $ 14,900; Land $ 84,600;...

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Accounting

On February 28, 2018, Wildhorse Inc.’s general ledger showedCash $ 14,900; Land $ 84,600; Buildings $ 76,300; Equipment$20,000; Accounts Payable $ 12,100; Mortgage Payable $ 117,400;Common Shares $ 40,400; and Retained Earnings $ 25,900. During themonth of March, the following transactions occurred:
Mar. 1 Received three movies to be shownduring the first three weeks of March. The film rental was $27,100. Of that amount, $ 10,100 was paid in cash and the remainderwas on account. (Hint: Wildhorse uses the account RentExpense to record film rentals).
2 Hired M. Brewer to operateconcession stand. Brewer agrees to pay Wildhorse 15% of grossreceipts, payable on the last day of each month, for the right tooperate the concession stand. (Hint: Wildhorse uses theaccount Concession Revenue to record concession receiptsearned.)
5 Ordered three additional movies, tobe shown the last 10 days of March. The film rental cost will be $200 per night.
12 Paid balance due on the moviesrented on March 1.
13 Paid the accounts payable owing atthe end of February.
15 Received $ 25,500 from customersfor admissions for the first half of the month. (Hint:Wildhorse uses the account Fees Earned to record revenue fromadmissions.)
19 Paid advertising expenses, $960.
20 Received the movies ordered onMarch 5 and paid rental fee of $ 2,000 ($ 200 × 10 nights).
23 Paid salaries of $ 4,200.
26 Paid $ 1,230 of the balance due onthe mortgage, as well as $ 750 of interest on the mortgage.
28 Paid $3,000 for the monthly incometax instalment.
30 Received statement from M. Brewer,showing gross concession receipts of $ 16,800, and the balance duetoWildhorse of $ 2,520 ($ 16,800 × 15%) for March. Brewer paid halfof the balance due and will remit the remainder on April 5.
31 Received $ 26,000 from customersfor admissions for the past two weeks.
(a)
Journalize the March transactions. (Credit accounttitles are automatically indented when the amount is entered. Donot indent manually. If no entry is required, select "No Entry" forthe account titles and enter 0 for the amounts. Round answers to 0decimal places, e.g. 5,275. Record journal entries in the orderpresented in the problem.)
Date
Account Titles and Explanation
Debit
Credit
  Mar. 1Mar. 2Mar. 5Mar. 12Mar. 13Mar. 15Mar. 19Mar.20Mar. 23Mar. 26Mar. 28Mar. 30Mar. 31
  Mar. 1Mar. 2Mar. 5Mar. 12Mar. 13Mar. 15Mar. 19Mar.20Mar. 23Mar. 26Mar. 28Mar. 30Mar. 31
  Mar. 1Mar. 2Mar. 5Mar. 12Mar. 13Mar. 15Mar. 19Mar.20Mar. 23Mar. 26Mar. 28Mar. 30Mar. 31
  Mar. 1Mar. 2Mar. 5Mar. 12Mar. 13Mar. 15Mar. 19Mar.20Mar. 23Mar. 26Mar. 28Mar. 30Mar. 31
  Mar. 1Mar. 2Mar. 5Mar. 12Mar. 13Mar. 15Mar. 19Mar.20Mar. 23Mar. 26Mar. 28Mar. 30Mar. 31
  Mar. 1Mar. 2Mar. 5Mar. 12Mar. 13Mar. 15Mar. 19Mar.20Mar. 23Mar. 26Mar. 28Mar. 30Mar. 31
  Mar. 1Mar. 2Mar. 5Mar. 12Mar. 13Mar. 15Mar. 19Mar.20Mar. 23Mar. 26Mar. 28Mar. 30Mar. 31
  Mar. 1Mar. 2Mar. 5Mar. 12Mar. 13Mar. 15Mar. 19Mar.20Mar. 23Mar. 26Mar. 28Mar. 30Mar. 31
  Mar. 1Mar. 2Mar. 5Mar. 12Mar. 13Mar. 15Mar. 19Mar.20Mar. 23Mar. 26Mar. 28Mar. 30Mar. 31
Mar. 26
  Mar. 1Mar. 2Mar. 5Mar. 12Mar. 13Mar. 15Mar. 19Mar.20Mar. 23Mar. 26Mar. 28Mar. 30Mar. 31
Mar. 30
  Mar. 1Mar. 2Mar. 5Mar. 12Mar. 13Mar. 15Mar. 19Mar.20Mar. 23Mar. 26Mar. 28Mar. 30Mar. 31
List of Accounts

Answer & Explanation Solved by verified expert

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SOLUTION Date Accounts title and Explanation Debit Credit Mar1 Rent expense 27100 Cash 10100 Outstanding rent expense 17000 To record film rental expenses Mar2 No entry required Mar5 No entry required Mar12 See Answer

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In: AccountingOn February 28, 2018, Wildhorse Inc.’s general ledger showedCash $ 14,900; Land $ 84,600; Buildings...On February 28, 2018, Wildhorse Inc.’s general ledger showedCash $ 14,900; Land $ 84,600; Buildings $ 76,300; Equipment$20,000; Accounts Payable $ 12,100; Mortgage Payable $ 117,400;Common Shares $ 40,400; and Retained Earnings $ 25,900. During themonth of March, the following transactions occurred:Mar.1Received three movies to be shownduring the first three weeks of March. The film rental was $27,100. Of that amount, $ 10,100 was paid in cash and the remainderwas on account. (Hint: Wildhorse uses the account RentExpense to record film rentals).2Hired M. Brewer to operateconcession stand. Brewer agrees to pay Wildhorse 15% of grossreceipts, payable on the last day of each month, for the right tooperate the concession stand. (Hint: Wildhorse uses theaccount Concession Revenue to record concession receiptsearned.)5Ordered three additional movies, tobe shown the last 10 days of March. The film rental cost will be $200 per night.12Paid balance due on the moviesrented on March 1.13Paid the accounts payable owing atthe end of February.15Received $ 25,500 from customersfor admissions for the first half of the month. (Hint:Wildhorse uses the account Fees Earned to record revenue fromadmissions.)19Paid advertising expenses, $960.20Received the movies ordered onMarch 5 and paid rental fee of $ 2,000 ($ 200 × 10 nights).23Paid salaries of $ 4,200.26Paid $ 1,230 of the balance due onthe mortgage, as well as $ 750 of interest on the mortgage.28Paid $3,000 for the monthly incometax instalment.30Received statement from M. Brewer,showing gross concession receipts of $ 16,800, and the balance duetoWildhorse of $ 2,520 ($ 16,800 × 15%) for March. Brewer paid halfof the balance due and will remit the remainder on April 5.31Received $ 26,000 from customersfor admissions for the past two weeks.(a)Journalize the March transactions. (Credit accounttitles are automatically indented when the amount is entered. Donot indent manually. If no entry is required, select "No Entry" forthe account titles and enter 0 for the amounts. Round answers to 0decimal places, e.g. 5,275. Record journal entries in the orderpresented in the problem.)DateAccount Titles and ExplanationDebitCredit Mar. 1Mar. 2Mar. 5Mar. 12Mar. 13Mar. 15Mar. 19Mar.20Mar. 23Mar. 26Mar. 28Mar. 30Mar. 31 Mar. 1Mar. 2Mar. 5Mar. 12Mar. 13Mar. 15Mar. 19Mar.20Mar. 23Mar. 26Mar. 28Mar. 30Mar. 31 Mar. 1Mar. 2Mar. 5Mar. 12Mar. 13Mar. 15Mar. 19Mar.20Mar. 23Mar. 26Mar. 28Mar. 30Mar. 31 Mar. 1Mar. 2Mar. 5Mar. 12Mar. 13Mar. 15Mar. 19Mar.20Mar. 23Mar. 26Mar. 28Mar. 30Mar. 31 Mar. 1Mar. 2Mar. 5Mar. 12Mar. 13Mar. 15Mar. 19Mar.20Mar. 23Mar. 26Mar. 28Mar. 30Mar. 31 Mar. 1Mar. 2Mar. 5Mar. 12Mar. 13Mar. 15Mar. 19Mar.20Mar. 23Mar. 26Mar. 28Mar. 30Mar. 31 Mar. 1Mar. 2Mar. 5Mar. 12Mar. 13Mar. 15Mar. 19Mar.20Mar. 23Mar. 26Mar. 28Mar. 30Mar. 31 Mar. 1Mar. 2Mar. 5Mar. 12Mar. 13Mar. 15Mar. 19Mar.20Mar. 23Mar. 26Mar. 28Mar. 30Mar. 31 Mar. 1Mar. 2Mar. 5Mar. 12Mar. 13Mar. 15Mar. 19Mar.20Mar. 23Mar. 26Mar. 28Mar. 30Mar. 31Mar. 26 Mar. 1Mar. 2Mar. 5Mar. 12Mar. 13Mar. 15Mar. 19Mar.20Mar. 23Mar. 26Mar. 28Mar. 30Mar. 31Mar. 30 Mar. 1Mar. 2Mar. 5Mar. 12Mar. 13Mar. 15Mar. 19Mar.20Mar. 23Mar. 26Mar. 28Mar. 30Mar. 31List of Accounts

Mar.	1	Received three movies to be shownduring the first three weeks of March. The film rental was $27,100. Of that amount, $ 10,100 was paid in cash and the remainderwas on account. (Hint: Wildhorse uses the account RentExpense to record film rentals).
	2	Hired M. Brewer to operateconcession stand. Brewer agrees to pay Wildhorse 15% of grossreceipts, payable on the last day of each month, for the right tooperate the concession stand. (Hint: Wildhorse uses theaccount Concession Revenue to record concession receiptsearned.)
	5	Ordered three additional movies, tobe shown the last 10 days of March. The film rental cost will be $200 per night.
	12	Paid balance due on the moviesrented on March 1.
	13	Paid the accounts payable owing atthe end of February.
	15	Received $ 25,500 from customersfor admissions for the first half of the month. (Hint:Wildhorse uses the account Fees Earned to record revenue fromadmissions.)
	19	Paid advertising expenses, $960.
	20	Received the movies ordered onMarch 5 and paid rental fee of $ 2,000 ($ 200 × 10 nights).
	23	Paid salaries of $ 4,200.
	26	Paid $ 1,230 of the balance due onthe mortgage, as well as $ 750 of interest on the mortgage.
	28	Paid $3,000 for the monthly incometax instalment.
	30	Received statement from M. Brewer,showing gross concession receipts of $ 16,800, and the balance duetoWildhorse of $ 2,520 ($ 16,800 × 15%) for March. Brewer paid halfof the balance due and will remit the remainder on April 5.
	31	Received $ 26,000 from customersfor admissions for the past two weeks.

Date	Account Titles and Explanation	Debit	Credit
Mar. 1Mar. 2Mar. 5Mar. 12Mar. 13Mar. 15Mar. 19Mar.20Mar. 23Mar. 26Mar. 28Mar. 30Mar. 31


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