- The Wildhorse Theater Opened On April 1 All Facilities Were Completed On March 31 At This Time The Ledger Showed No 1 (28.27 KiB) Viewed 42 times
- The Wildhorse Theater Opened On April 1 All Facilities Were Completed On March 31 At This Time The Ledger Showed No 2 (44.06 KiB) Viewed 42 times
- The Wildhorse Theater Opened On April 1 All Facilities Were Completed On March 31 At This Time The Ledger Showed No 3 (46.37 KiB) Viewed 42 times
- The Wildhorse Theater Opened On April 1 All Facilities Were Completed On March 31 At This Time The Ledger Showed No 4 (38.64 KiB) Viewed 42 times
The Wildhorse Theater opened on April 1. All facilities were completed on March 31. At this time, the ledger showed No. 101 Cash $7,350, No. 140 Land $10.650, No. 145 Buildings (concession stand, projection room, ticket booth, and screen) $6.650, No. 157 Equipment $7,350, No. 201 Accounts Payable $3,350, No. 275 Mortgage Payable $8,650, and No. 311 Common Stock $20,000 During April, the following events and transactions occurred. Apr. 2 Paid film rental of $1,280 on first movie. Ordered two additional films at $1.300 each Received $2.130 cash from admissions. 10 Made $2,420 payment on mortgage and $1.510 for accounts payable dur 11 Wildhorse Theater contracted with Dever
Company to operate the concession stand. Dever is to pay 18% of gross concession receipts (payable monthly) for the rental of the concession stand 12 Paid advertising expenses $340 20 Received one of the films ordered on April 3 and was billed $1,300. The film will be shown in April 25 Received $6,400 cash from admissions 29 Paid salaries $1,800. 30 Received
statement from Dever showing gross concession receipts of $3,000 and the balance due to the Wildhorse Theater of $540 ($3,000 x 18%) for April. Dever paid one-half of the balance due and will remit the remainder on May 5 30 Prepaid $900 rental on special film to be run in May. In addition to the accounts identified above, the chart of accounts shows No. 112 Accounts Receivable, No. 136 Prepaid Rent, No. 400 Service Revenue, No. 429 Rent Revenue, No. 610 Advertising Expense, No. 726 Salaries and Wages Expense, and No. 729 Rent Expense. 3 9 Viewing
Question 1
Date Explanation Ref. Apr. 1 Balance Land Date Explanation Ref. Apr. 1 Balance Buildings Date Explanation Ref. Apr. 1 Balance ✓ Equipment Date Explanation Ref. Apr. 1 Balance Accounts Payable Date Explanation Ref. Apr. 1 Balance V Mortgage Payable Date Explanation Ref. Debit Debit Debit Debit Debit Debit Credit Credit Credit Credit Credit Credit Balance Balance Balance Balance Balance Balance 7350 No. 140 10650 No. 145 6650 No. 157 7350 No. 201 3350 No. 275
Date Apr. 2 Apr. 3 Apr. 9 Apr. 10 Y Account Titles and Explanation Rent Expense Cash Debit 1280 2600 100 Credit 260
. . . . 10000,0 (Received cash and balance on account for concession revenue)