30 Jan On March 31, 2015, the Lake Theatre, Inc.’s genera
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
Our website has a team of professional writers who can help you write any of your homework. They will write your papers from scratch. We also have a team of editors just to make sure all papers are of HIGH QUALITY & PLAGIARISM FREE. To make an Order you only need to click Ask A Question and we will direct you to our Order Page at WriteDemy. Then fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.
Fill in all the assignment paper details that are required in the order form with the standard information being the page count, deadline, academic level and type of paper. It is advisable to have this information at hand so that you can quickly fill in the necessary information needed in the form for the essay writer to be immediately assigned to your writing project. Make payment for the custom essay order to enable us to assign a suitable writer to your order. Payments are made through Paypal on a secured billing page. Finally, sit back and relax.
About Writedemy
We are a professional paper writing website. If you have searched a question and bumped into our website just know you are in the right place to get help in your coursework. We offer HIGH QUALITY & PLAGIARISM FREE Papers.
How It Works
To make an Order you only need to click on “Order Now” and we will direct you to our Order Page. Fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.
Are there Discounts?
All new clients are eligible for 20% off in their first Order. Our payment method is safe and secure.