50.1K

Verified Solution

Link Copied!

The Vaughn Theater, owned by Meg Vargo, will begin operations in March. The Vaughn will be unique in that it will show only triple features of sequential theme movies. As of March 1, the ledger of Vaughn showed: Cash No. 101 \$2,950, No. 140 Land \$24,000, No. 145 Buildings (concession stand, projection room, ticket booth, and screen) $12,000. No. 157 Equipment $12,000. No. 201 Accounts Payable $6,400, and No. 301 Owner's Capital \$44,550. During the month of March, the following events and transactions occurred. Mar: 2 Rented the three Indiona Jones movies to be shown for the first 3 weeks of March. The film rental was $3,400; $1,500 was paid in cash and $1,900 will be paid on March 10. 3 Ordered the Lord of the Rings movies to be shown the last 10 days of March. It will cost $190 per night. 9 Received $4,400 cash from admissions. 10 Paid balance due on Indiana Jones movies rental and $2,000 on March 1 accounts payable 11 Vaughn Theater contracted with Adam Ladd to operate the concession stand. Ladd is to pay 15% of gross concession receipts, payable monthly, for the rental of the concessions stand. 12 Paid advertising expenses $900. 20. Received $5,300 cash from customers for admissions. 20 Received the Lord of the Rings movies and pald the rental fee of $1,900. 31 Paid salaries of $2,800. 31 Recelved statement from Adam Ladd showing gross recelpts from concessions of $7,000 and the balance due to Vaughn Theater of $1,050(57,00015%) for March. Ladd pafd one-half the balance due and will remit the remainder on April 5. 31 Recelved $9,600 cash from customers for admissions. The Vaughn Theater, owned by Meg Vargo, will begin operations in March. The Vaughn will be unique in that it will show only triple features of sequential theme movies. As of March 1, the ledger of Vaughn showed: Cash No. 101 \$2,950, No. 140 Land \$24,000, No. 145 Buildings (concession stand, projection room, ticket booth, and screen) $12,000. No. 157 Equipment $12,000. No. 201 Accounts Payable $6,400, and No. 301 Owner's Capital \$44,550. During the month of March, the following events and transactions occurred. Mar: 2 Rented the three Indiona Jones movies to be shown for the first 3 weeks of March. The film rental was $3,400; $1,500 was paid in cash and $1,900 will be paid on March 10. 3 Ordered the Lord of the Rings movies to be shown the last 10 days of March. It will cost $190 per night. 9 Received $4,400 cash from admissions. 10 Paid balance due on Indiana Jones movies rental and $2,000 on March 1 accounts payable 11 Vaughn Theater contracted with Adam Ladd to operate the concession stand. Ladd is to pay 15% of gross concession receipts, payable monthly, for the rental of the concessions stand. 12 Paid advertising expenses $900. 20. Received $5,300 cash from customers for admissions. 20 Received the Lord of the Rings movies and pald the rental fee of $1,900. 31 Paid salaries of $2,800. 31 Recelved statement from Adam Ladd showing gross recelpts from concessions of $7,000 and the balance due to Vaughn Theater of $1,050(57,00015%) for March. Ladd pafd one-half the balance due and will remit the remainder on April 5. 31 Recelved $9,600 cash from customers for admissions

Answer & Explanation Solved by verified expert

See Answer