Question

In: Accounting

Sequel Theatre, owned by Nadia Wood, is unique as it shows only movies that are part...

Sequel Theatre, owned by Nadia Wood, is unique as it shows only movies that are part of a theme with sequels. As at April 30, 2021, the ledger of Sequel Theatre showed the following: Cash $18,900, Land $75,000, Buildings $69,800, Equipment $17,000, Accounts Payable $4,990, Mortgage Payable $106,300, and N. Wood, Capital $69,410. In May, the following events and transactions occurred:

Journalize transactions, post, and prepare trial balance.

May   1 Rented the first four Harry Potter movies, to be shown in the first two weeks of May. The film rental was $25,000. Of that amount, $10,784 was paid in cash and the balance will be paid on May 10.
2 Hired M. Brewer to operate the concession stand. Brewer agreed to pay Sequel Theatre 15% of gross concession receipts, on the last day of each month, for the right to operate the concession stand.
7 Paid advertising expenses, $1,090.
10 Received $35,940 cash from customers for admissions.
10 Paid the balance due from the May 1 movie rental transaction.
15 Received the final four Harry Potter movies to be shown in the last two weeks of May. The film rental cost was $28,600. Paid $14,300 cash and the balance will be paid on June 1.
25 Paid the accounts payable owing at the end of April.
30 Paid salaries of $6,230.
31 Received statement from Brewer showing gross receipts from concessions of $27,700 and the balance due to Sequel Theatre of $4,155 ($27,700 × 15%) for May. Brewer paid $2,370 of the balance due and will pay the rest on June 5.
31 Received $41,800 cash from admissions.
31 Made a $1,790 mortgage payment. Of this amount, $1,185 is a principal payment, and $605 is interest on the mortgage.

In addition to the accounts identified above, Sequel Theatre's ledger includes the following: Accounts Receivable; Admission Revenue; Concession Revenue; Advertising Expense; Film Rental Expense; Interest Expense; and Salaries Expense.

Instructions

a. Journalize the May transactions.

b. Enter the beginning balances in the ledger as at May 1. Use the ledger format provided in Illustration 2.20.

c. Post the May journal entries to the ledger.

d. Prepare a trial balance at the end of May.

i already posted this question 2 times and getting just a) part solved from you guys that's really not appreciable please i want b) c) and d) part.

Solutions

Expert Solution


Related Solutions

Nadia is picking out some movies to rent, and she is primarily interested in comedies and...
Nadia is picking out some movies to rent, and she is primarily interested in comedies and mysteries. She has narrowed down her selections to 1919 comedies and 88 mysteries. Step 2 of 2 :   How many different combinations of 44 movies can she rent if she wants at least one comedy?
Mandir purchased tickets for a theatre of old time movies. To place the​ order, a handling...
Mandir purchased tickets for a theatre of old time movies. To place the​ order, a handling charge of ​$7 per ticket was charged. A sales tax of 5​% was also charged on the ticket price and the handling charges. If the total charge for five tickets was $467.25​, what was the ticket​ price? The price of one ticket was $_?
Jay purchased tickets for a theatre of old time movies. To place the​ order, a handling...
Jay purchased tickets for a theatre of old time movies. To place the​ order, a handling charge of ​$3 per ticket was charged. A sales tax of 4​% was also charged on the ticket price and the handling charges. If the total charge for two tickets was $216.32​, what was the ticket​ price? The price of one ticket was _. Please explain step by step and how you got to each step.
The below data shows the amount of time (in seconds) that animated Disney movies showed the...
The below data shows the amount of time (in seconds) that animated Disney movies showed the use of tobacco and alcohol. Test the claim that the mean difference in time of tobacco use vs. alcohol use is equal to zero at the 0.1 significance level. Hint: The standard deviation of the differences is 12.0613 Tobacco Alcohol 37.7 71.2 52.4 62.3 56 90.6 38.6 52.5 42.9 55.4 53.1 56.9 59.8 62.7 39.4 74 44.3 77.8 42.1 49.2 49.2 56.2 45.6 60.4...
The Bijou Theater shows vintage movies. Customers arrive at the theater line at the rate of...
The Bijou Theater shows vintage movies. Customers arrive at the theater line at the rate of 80 per hour. The ticket seller averages 30 seconds per customer, which includes placing validation stamps on customers’ parking lot receipts and punching their frequent watcher cards. (Because of these added services, many customers don’t get in until after the feature has started.) a. What is the average customer time in the system? (Round your answer to 2 decimal places.) b. What would be...
The below data shows the amount of time (in seconds) that animated Disney movies showed the...
The below data shows the amount of time (in seconds) that animated Disney movies showed the use of tobacco and alcohol. Test the claim that the mean difference in time of tobacco use vs. alcohol use is equal to zero at the 0.1 significance level. You may want to use a spreadsheet to help you solve this problem   Tobacco Alcohol 56.1 110.9 40.5 70.2 37.2 90.6 49.2 112.8 63.4 202.4 48 93.5 52.3 92.8 52 78.1 40.5 109 39.2 45.5...
The Bijou Theater shows vintage movies. Customers arrive at the theater line at the rate of...
The Bijou Theater shows vintage movies. Customers arrive at the theater line at the rate of 100 per hour. The ticket seller averages 30 seconds per customer, which includes placing validation stamps on customers' parking lot receipts and punching their frequent watcher cards. (Because of these added services, many customers don't get in until after the feature has started.) a. What is the average customer time in the system? b. What would be the effect on customer time in the...
The Bijou Theater shows vintage movies. Customers arrive at the theater line at the rate of...
The Bijou Theater shows vintage movies. Customers arrive at the theater line at the rate of 80 per hour. The ticket seller averages 36 seconds per customer, which includes placing validation stamps on customers’ parking lot receipts and punching their frequent watcher cards. (Because of these added services, many customers don’t get in until after the feature has started.) (Use the Excel spreadsheet Queue Models.) a. What is the average customer time in the system? (Round your answer to 2...
The data below shows the titles of ten movies from 2018, the production budget and domestic...
The data below shows the titles of ten movies from 2018, the production budget and domestic box office receipts (in millions). For example, Black Panther's budget was $200 million and the box office revenues in the US totaled $700 million. Title Production Budget Domestic Box Office Black Panther 200 700 Deadpool 2 110 325 A Star is Born 36 202 Vice 60 30 Crazy Rich Asians 30 175 Mary Poppins Returns 130 139 Creed II 50 114 Christopher Robin 75...
Can you think of any television shows or movies in which characters with a severe psychological...
Can you think of any television shows or movies in which characters with a severe psychological disorder were shown in a sympathetic light? If so, are such depictions more or less common than depictions of people with a mental illness as dangerous or violent?
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT