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The Lake Theater is owned by Tony Carpino

The Lake Theater is owned by Tony Carpino
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Price: $11.99
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Model: A
Average Rating: 5 out of 5 Stars!

The Lake Theater is owned by Tony Carpino. All facilities were completed on March 31. At this time, the ledger showed: No. 101 Cash $6,000; No. 140 Land $10,000; No. 145 Buildings (concession stand, projection room, ticket booth, and screen) $8,000; No. 157 Equipment $6,000; No. 201 Accounts Payable $2,000; No. 275 Mortgage Payable $8,000; and No. 301 Tony Carpino, Capital $20,000. During April, the following events and transactions occurred. Apr 2 Paid film rental of $800 on first movie. Apr 3 Ordered two additional films at $1,000 each. Apr 9 Received $2,800 cash from admissions. Apr 10 Made $2,000 payment on mortgage and $1,000 for accounts payable due. Apr 11 Lake Theater contracted with R. Wynns Company to operate the concession stand. Wynns is to pay 17% of gross concession receipts (payable monthly) for the right to operate the concession stand. Apr 12 Paid advertising expenses $500. Apr 20 Received one of the films ordered on April 3 and was billed $1,000. The film will be shown in April. Apr 25 Received $5,200 cash from admissions. Apr 29 Paid salaries $2,000. Apr 30 Received statement from R.Wynns showing gross concession receipts of $1,000 and the balance due to The Lake Theater of $170 ($1,000 × 17%) for April. Wynns paid one-half of the balance due and will remit the remainder on May 5. Apr 30 Prepaid $900 rental on special film to be run in May. Requirements (a) Journalize the April transactions (b) Post the April journal entries to the ledger (c) Complete the trial balance on April 30, 2010. Reference: Accounting Principles Author: Weygandt Note: This is not our question; we are just suggesting solution to this question

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