On March 31, 2015, the Lake Theatre, Inc.’s general ledger showed Cash $6,000; Land $100,000;… 1 answer below »

On March 31, 2015, the Lake Theatre, Inc.’s general ledger showed Cash $6,000; Land $100,000; Buildings $80,000; Equipment $25,000; Accounts Payable $5,000; Mortgage Payable $125,000; Common Shares $50,000; and Retained Earnings $31,000. During the month of April, the following events and transactions occurred: Apr. 2 Paid film rental fee of $800 on first movie. 3 Paid advertising expenses, $620. 3 Hired Th oms Limited to operate concession stand. Thoms agrees to pay the Lake Th eatre 20% of gross concession receipts, payable monthly, for the right to operate the concession stand. 6 Ordered two additional fi lms at $750 each. 11 Received $1,950 from customers for admissions. 16 Paid $2,000 of the balance due on the mortgage. Also paid $850 in interest on the mortgage. 17 Paid $2,800 of the accounts payable. 20 Received one of the films ordered on April 6 and was billed $750. The film will be shown in April. 25 Received $7,300 from customers for admissions. 26 Paid salaries, $1,900. 27 Prepaid $700 rental fee on special film to be run in May. 30 Received statement from Thoms showing gross concession receipts of $5,600 and the balance due to the Lake Theatre of $1,120 ($5,600 3 20%) for April. Thoms paid half of the balance due and will remit the remainder on May 5. 30 Paid $1,000 for the monthly income tax instalment. Instructions (a) Using T accounts, enter the beginning balances in the ledger as at March 31. (b) Journalize the April transactions. (c) Post the April journal entries to the ledger. (d) Prepare a trial balance at April 30. View Solution:
On March 31 2015 the Lake Theatre Inc s general ledger

NOTE:
We have worked on a similar assignment and our student scored better and met their deadline. All our tasks are done from scratch, well researched and 100% unique, so entrust us with your assignment and I guarantee you will like our services and even engage us for your future tasks. Click below button to submit your specifications and get order quote

Don't use plagiarized sources. Get Your Custom Essay on
On March 31, 2015, the Lake Theatre, Inc.’s general ledger showed Cash $6,000; Land $100,000;… 1 answer below »
Just from $13/Page
Order Now
Get started