1 answer

Enter the beginning balances in the ledger The Starr Theater, owned by Meg Vargo, will begin...

Question:

The Starr Theater, owned by Meg Vargo, will begin operations in March. The Starr will be unique in that it will show only tri

Enter the beginning balances in the ledger. Cash No. 101 Date Explanation Ref Debit Credit Balance Mar. 1 Balance Accounts Re

Mar. 1 Balance Owners Capital No. 301 Date Explanation Ref Debit Credit Balance Mar. 1 Balance Service Revenue No. 400 Date

Enter the beginning balances in the ledger

The Starr Theater, owned by Meg Vargo, will begin operations in March. The Starr will be unique in that it will show only triple features of sequential theme movies. As of March 1, the ledger of Starr showed: Cash $2,950, Land $24,000, Buildings (concession stand, projection room, ticket booth, and screen) $12,000, Equipment $12,000, Accounts Payable $7.400, and Owner's Capital $43,550. During the month of March, the following events and transactions occurred, Mar. 2 Rented the three Indiana Jones movies to be shown for the first 3 weeks of March. The film rental was $3,000; $1.600 was paid in cash and $1,400 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 $160 per night. 9 Received $4,400 cash from admissions. 10 Paid balance due on Indiana Jones movies rental and $2.200 on March 1 accounts payable. 11 Starr 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 concession stand. 12 Paid advertising expenses $800. 20 Received $5,500 cash from customers for admissions. 20 Received the Lord of the Rings movies and paid the rental fee of $1,600. 31 Paid salaries of $2,900. 31 Received statement from Adam Ladd showing gross receipts from concessions of $5,000 and the balance due to Starr Theater of $750 (55,000x 15%) for March. Ladd paid one- half the balance due and will remit the remainder on April 5. 31 Received $9,700 cash from customers for admissions: (a) Enter the beginning balances In the ledger. Cash No. 101 Date Explanation Ref Debit Credit Balance Mar. 1 Balance Accounts Receivable No. 112 7:31 PM 1/10/2020
Enter the beginning balances in the ledger. Cash No. 101 Date Explanation Ref Debit Credit Balance Mar. 1 Balance Accounts Receivable No. 112 Date Explanation Ref Debit Credit Balance Mar. 1 Balance Land No. 140 Date Explanation Ref Debit Credit Balance Mar. 1 Balance Buildings No. 145 Date Explanation Ref Debit Credit Balance Mar. 1 Balance Equipment No. 157 Date Explanation Ref Debit Credit Balance Mar. 1 Balance Accounts Payable No. 201 Date Explanation Ref Debit Credit Balance Mar. 1 Balance
Mar. 1 Balance Owner's Capital No. 301 Date Explanation Ref Debit Credit Balance Mar. 1 Balance Service Revenue No. 400 Date Explanation Ref Debit Credit Balance Mar. 1 Balance Rent Revenue No. 429 Date Explanation Ref Debit Credit Balance Mar. 1 Balance Advertising Expense No. 610 Date Explanation Ref Debit Credit Balance Mar. 1 Balance Salaries and Wages Expense No. 726 Date Explanation Ref Debit Credit Balance Mar. 1 Balance Rent Expense No. 729 Explanation Ref Debit Credit Balance Date Mar. 1 Balance

Answers

Beginning balances :

Cash
Date Debit Credit Balance
Mar-01 Balance 2950 2950
Land
Date Debit Credit Balance
Mar-01 Balance 24000 24000
Building
Date Debit Credit Balance
Mar-01 Balance 12000 12000
Equipment
Date Debit Credit Balance
Mar-01 Balance 12000 12000
Accounts Payable
Date Debit Credit Balance
Mar-01 Balance 7400 7400
Owner capital
Date Debit Credit Balance
Mar-01 Balance 43550 43550

i hope i have understood you requirement well . Please let me know in the comments for any further query

.

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