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Mar. 2 - Rented the three Star Wars movies (Star Wars®, The Empire Strikes Back, and The Return of the Jedi) to be shown for the first three weeks of March. The film rental was $11,960; $1,260 was paid in cash and $10,700 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 $340 per night.
9 - Received $8,196 cash from admissions.
10 - Paid balance due on Star Wars movies rental and $2,668 on March 1 accounts payable.
11 - Hired J. Bybee to operate concession stand. Bybee agrees to pay The Three-Peat Theater 15% of gross receipts, payable monthly.
12 - Paid advertising expenses $942.
20 - Received $7,804 cash from customers for admissions.
20 - Received the Star Trek movies and paid rental fee of $3,400.
31 - Paid salaries of $3,113.

2007-10-01 20:37:15 · 1 answers · asked by kimtrong52 1 in Business & Finance Other - Business & Finance

1 answers

Mar. 2 - Rented the three Star Wars movies (Star Wars®, The Empire Strikes Back, and The Return of the Jedi) to be shown for the first three weeks of March. The film rental was $11,960; $1,260 was paid in cash and $10,700 will be paid on March 10.
Dr Prepaid film rental 11,960
Cr A/cs payable 10,700
Cr Cash 1,260

3 - Ordered the first three Star Trek movies to be shown the last 10 days of March. It will cost $340 per night.
No JE reqd as the movies have not arrived. You merely ordered them.

9 - Received $8,196 cash from admissions.
Dr Cash 8,196
Cr Admissions revenue 8,196

10 - Paid balance due on Star Wars movies rental and $2,668 on March 1 accounts payable.
Dr A/cs payable 13,368
Cr Cash 13,368

11 - Hired J. Bybee to operate concession stand. Bybee agrees to pay The Three-Peat Theater 15% of gross receipts, payable monthly.
No JE reqd. You are not told what he sells. Popcorn? Icecream? and you're not told what his gross receipts were.

12 - Paid advertising expenses $942.
Dr Advertising expense 942
Cr Cash 942

20 - Received $7,804 cash from customers for admissions.
Dr Cash 7,804
Cr Admissions revenue 7,804

20 - Received the Star Trek movies and paid rental fee of $3,400.
Dr Prepaid Film rental 3,400
Cr Cash 3,400

21 The 3 Star Wars movies have been shown for 3 weeks
Dr Film rental expense 11,960
Cr Prepaid film rental 11,960

31 - Paid salaries of $3,113.
Dr Salaries expense 3,113
Cr Cash 3,113

31 The 3 Star Trek movies have been shown for 10 days.
Dr Film rental expense 3,400
Cr Prepaid film rental 3,400

2007-10-01 21:10:03 · answer #1 · answered by Sandy 7 · 1 1

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