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Print by: RIYA PATEL ACCT 2101-060 FA 2019 HW03 *Problem 3-08A (Part Level Submission) The lvanhce Theater Inc. was recently farmed. It began aperations in March 2022. The Ivanhce is unique in that it will show only triple features of sequential theme mavies. On March 1, the ledger of The lvanhce shawed Cash $16,000; Land $38,500; Buildings (concession stand, projection room, ticket booth, and screen) $21,500; Equipment $18,000; Accounts Payable $11,400; and Common Stock s82,600. During the month of March, the following events end transactions occurred Mar. 2 Rentod the first threc Star Ware movies (star WarsThe Emaire Strives Back and The Batuca ot tme tedi) to be shown for tha first three woeks af March. The film rental was $12,500; s2,300 was pald in cach and $10,200 will be pald on March 10. 3 Ordered the first three Star Trek movies to be shown the last 10 days of March. t will cost $700 per night 9 Received $10,s00 cash from admissions. 10 Pald balance duc on Star Wars mavics rental and $3,20D on March 1 accounts payablc 11 The Ivanhoe Theater contracted with R. Lazlo to operate the concession stand. Lazio agrees to pay The Ivanhoe 15% of gross receipts, payable monthly, for the rental of the concession stand 12 Paid advertising expenses $500. 20 Received $8,600 cash from custormers for admissions. 20 Received the Star Trek mavies and paid rental fee of $4,500 31 Pald salaries af s4,000, 31 Received statement from R. Lazia showing grass receipts from concessians of $10,40a and the balance duc to The Ivanhoe af $1,560 $10,400 x15) far March. Lazlo paid half the balance due and will remit the remainder on April 5. 31 Recelved $20,000 cash from customers for admissions. (a) Your answer is carrect. Using T-zacounts, enter the beginning balances to the ledgeer. Cash B/1 Bal. 16.000 Land 9/1 Bal. 38.500 Buildings B/1 Bal. 21,500 Equipment B/1 Bal. 16,000 Accounts Payable 13/1 Bal.,400 Common Stock *(b) Journalize the March transactions. The Ivanhoe rocards admission revenue as service revenue, corcession revenue as sales revenuc, and film rontal expense as rent expense. (If no entry is required, sclect "No entry" for the account titles and enter 0 for the an Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journat entries in the arder presented in the problem.) Date Account Titles and Explanation Debit Credit Print by: RIYA PATEL ACCT 2101-060 FA 2019 HW03 *Problem 3-08A (Part Level Submission) The lvanhce Theater Inc. was recently farmed. It began aperations in March 2022. The Ivanhce is unique in that it will show only triple features of sequential theme mavies. On March 1, the ledger of The lvanhce shawed Cash $16,000; Land $38,500; Buildings (concession stand, projection room, ticket booth, and screen) $21,500; Equipment $18,000; Accounts Payable $11,400; and Common Stock s82,600. During the month of March, the following events end transactions occurred Mar. 2 Rentod the first threc Star Ware movies (star WarsThe Emaire Strives Back and The Batuca ot tme tedi) to be shown for tha first three woeks af March. The film rental was $12,500; s2,300 was pald in cach and $10,200 will be pald on March 10. 3 Ordered the first three Star Trek movies to be shown the last 10 days of March. t will cost $700 per night 9 Received $10,s00 cash from admissions. 10 Pald balance duc on Star Wars mavics rental and $3,20D on March 1 accounts payablc 11 The Ivanhoe Theater contracted with R. Lazlo to operate the concession stand. Lazio agrees to pay The Ivanhoe 15% of gross receipts, payable monthly, for the rental of the concession stand 12 Paid advertising expenses $500. 20 Received $8,600 cash from custormers for admissions. 20 Received the Star Trek mavies and paid rental fee of $4,500 31 Pald salaries af s4,000, 31 Received statement from R. Lazia showing grass receipts from concessians of $10,40a and the balance duc to The Ivanhoe af $1,560 $10,400 x15) far March. Lazlo paid half the balance due and will remit the remainder on April 5. 31 Recelved $20,000 cash from customers for admissions. (a) Your answer is carrect. Using T-zacounts, enter the beginning balances to the ledgeer. Cash B/1 Bal. 16.000 Land 9/1 Bal. 38.500 Buildings B/1 Bal. 21,500 Equipment B/1 Bal. 16,000 Accounts Payable 13/1 Bal.,400 Common Stock *(b) Journalize the March transactions. The Ivanhoe rocards admission revenue as service revenue, corcession revenue as sales revenuc, and film rontal expense as rent expense. (If no entry is required, sclect "No entry" for the account titles and enter 0 for the an Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journat entries in the arder presented in the problem.) Date Account Titles and Explanation Debit Credit

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