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The Avengers Theater will begin operations in March....

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Accounting

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The Avengers Theater will begin operations in March. The Avengers will be unique in that it will show movies from one production in the theater. The following transactions took place during the first month: Transaction Rents Marvel films to Stark Movies Rental Co. which will be screened during the month of March. The movie rental price is $12,000. Avengers is paying 50% rent today and the rest will be paid on March 18th. Avengers Theater signed a cooperation contract with Wakanda Ltd. Avengers will receive 10% of Wakanda Ltd.'s revenue Received $10,500 cash for screening services from customers. Received a $5,000 payment in advance from Hydra Corp. who will use the playlist on April 17th. Paid rent expenses $4,500 for six months. Received cash for screening services of $10,000 from customers. Pay the rest of the movie rental bill to Stark Co. Paid salaries of 5 employees at fee of @ $400 Ordered Disney films to be screened during June from SHIELD Ltd. The movie rental price is $11,500. Received a March income statement from Wakanda Ltd. which is $20,000. Wakanda pays 75% today and the balance will be paid on 17 April. Instruction: Journalize the transactions above

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