Zookal Homework Help

Homework Help

  1. Business
  2. Accounting
  3. problem 38a part level submission the triquel theater inc was...

Question: problem 38a part level submission the triquel theater inc was...

Question details

Problem 3-8A (Part Level Submission) The Triquel Theater Inc. was recently formed. It began operations in March 2017. The Triquel is unique in that it will show only triple features of sequential theme movies. On March 1, the ledger of The Triquel showed Cash $18,400; Land $40,400; Buildings (concession stand, projection room, ticket booth, and screen) $22,000; Equipment $16,000; Accounts Payable $14,400; and Common Stock $82,400. During the month of March, the following events and transactions occurred Mar. 2 Rented the first three Star Wars movies (Star Wars The Empire Strikes Back, and The Return of the Jed) to be shown for the first three weeks of March. The film rental was $9,500;$1,300 was paid in cash and $8,200 will be paid on March 10 3 Ordered the first three Star Trek movies to be shown the last 10 days of March. It will cost $500 per night 9 Received $10,300 cash from admissions. 10 Paid balance due on Star Wars movies rental and $2,900 on March 1 accounts payable. 11 The Tr quel Theater contracted with R. Lazio to operate the concession stand. Lazlo agrees to pay The Triquel 15% of gross receipts, payable monthly, for the rental of the concession stand. 12 Paid advertising expenses $460. 20 Received $8,100 cash from customers for admissions. 20 Received the Star Trek movies and paid rental fee of $5,400 31 Paid salaries of $3,600 31 Received statement from R. Lazlo showing gross receipts from of $11,800 and the balance due to The Triquel of $1,770 ($11,800 x .15) for March. Lazlo paid half the balance due for the rental of the concession stand and will remit the remainder on April 5. 31 Received $20,200 cash from customers for admissions.

Using T-accounts, enter the beginning balances to the ledger. Cash 3/1 Bal. 3/2 3/9 3/10 3/12 3/20 3/31 Land Building:s Equipment Accounts Payable Common Stoc

Using T-accounts, enter the beginning balances to the ledger. Cash 3/1 Bal. 3/2 3/9 3/10 3/12 3/20 3/31 Bui Equipment Accounts Payable Common Stock

Solution by an expert tutor
Blurred Solution
This question has been solved
Subscribe to see this solution