20 Received the Lord of the Rings movies and paid the rental fee of 2000 31

20 received the lord of the rings movies and paid the

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Received $5,000 cash from customers for admissions.20 Received the Lord of the Rings movies and paid the rental fee of $2,000.31 Paid salaries of $3,100.31 Received statement from Adam Ladd showing gross receipts from concessions of $6,000 and the balance due to Starr Theater of $900 ($6,000 315%) for March. Ladd paid one-half the balance due and will remit the remainder on April 5.31 Received $9,000 cash from customers for admissions.In addition to the accounts identified above, the chart of accounts includes: No. 112 Accounts Receivable, No. 400 Service Revenue, No. 429 Rent Revenue, No. 610 Advertis-ing Expense, No. 726 Salaries and Wages Expense, and No. 729 Rent Expense.Instructions(a) Enter the beginning balances in the ledger. Insert a check mark () in the reference column of the ledger for the beginning balance.(b) Journalize the March transactions. Starr records admission revenue as service revenue, rental of the concession stand as rent revenue, and film rental expense as rent expense.(c) Post the March journal entries to the ledger. Assume that all entries are posted from page 1 of the journal.(d) Prepare a trial balance on March 31, 2017.Trial balance totals $15,462Journalize transactions, post, and prepare a trial balance.(LO 1, 2, 3, 4)(d) Trial balance totals $64,100
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SOLUTIONS TO PROBLEMS PROBLEM 2-1A Date Account Titles and Explanation Debit Credit Mar. 1 Cash ......................................................... 20,000 Owner’s Capital ............................... 20,000 (Owner’s investment of cash in business) 3 Land .......................................................... 12,000 Buildings .................................................. 2,000 Equipment ................................................ 1,000 Cash ................................................. 15,000 (Purchased Rainbow’s Golf Land) 5 Advertising Expense ............................... 900 Cash ................................................. 900 (Paid for advertising) 6 Prepaid Insurance ................................... 600 Cash ................................................. 600 (Paid for one-year insurance policy) 10 Equipment ................................................ 1,050 Accounts Payable ........................... 1,050 (Purchased equipment on account) 18 Cash ......................................................... 1,100 Service Revenue ............................. 1,100 (Received cash for services performed) 19 Cash ......................................................... 1,500 Unearned Service Revenue ............ 1,500 (Received cash for coupon books sold)
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PROBLEM 2-1A (Continued) Date Account Titles and Explanation Debit Credit Mar. 25 Owner’s Drawings ............................... Cash .............................................. (Withdrew cash for personal use) 800 800 30 Salaries and Wages Expense ............. Cash .............................................. (Paid salaries) 250 250 30 Accounts Payable ............................... Cash .............................................. (Paid creditor on account) 1,050 1,050 31 Cash ..................................................... Service Revenue .......................... (Received cash for services performed) 2,700 2,700
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PROBLEM 2-2A (a) J1 Date Account Titles and Explanation Ref. Debit Credit Apr. 1 Cash ......................................................... 101 20,000 Owner’s Capital .............................. 301 20,000 (Owner’s investment of cash in business) 1 No entry—not a transaction. 2 Rent Expense .......................................... 729 1,100 Cash ................................................ 101 1,100 (Paid monthly office rent) 3 Supplies ................................................... 126 4,000 Accounts Payable .......................... 201 4,000 (Purchased supplies on account from Dazzle Company) 10 Accounts Receivable ............................. 112 5,100 Service Revenue ............................ 400 5,100 (Billed clients for services performed) 11 Cash ......................................................... 101 1,000 Unearned Service Revenue ........... 209 1,000 (Received cash for future service) 20 Cash ......................................................... 101 2,100 Service Revenue ............................ 400 2,100 (Received cash for services performed) 30 Salaries and Wages Expense ................ 726 2,800 Cash ................................................ 101 2,800 (Paid monthly salary)
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PROBLEM 2-2A (Continued) Date Account Titles and Explanation Ref. Debits Credit Apr. 30 Accounts Payable ............................... 201 2,400 Cash ............................................. 101 2,400 (Paid Dazzle Company on account) (b) Cash No. 101 Date Explanation Ref. Debit Credit Balance Apr. 1 J1 20,000 20,000 2 J1 1,100 18,900 11 J1 1,000 19,900 20 J1 2,100 22,000 30 J1 2,800 19,200 30 J1 2,400 16,800 Accounts Receivable No. 112 Date Explanation Ref. Debit Credit Balance Apr. 10 J1 5,100 5,100 Supplies No. 126 Date Explanation Ref. Debit Credit Balance Apr. 3 J1
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