The Traditional Theater Ltd. opened on April 1. All facilities comprise been carried out on March 31. At the present, the ledger confirmed No. 101 Cash 6,000, No. 140 Land 10,000, No. 145 Structures (concession stand, projection room, ticket booth, and display) 8,000, No. 157 Instruments 6,000, No. 201 Accounts Payable 2,000, No. 275 Mortgage Payable 8,000, and No. 311 Fragment CapitalOrdinary 20,000. For the interval of April, the following occasions and transactions happened.
2nd Apr Paid film rental of 800 on first movie.
third Apr Ordered two extra motion pictures at 1,000 every.
ninth Apr Got 1,800 cash from admissions.
Tenth Apr Made 2,000 fee on mortgage and 1,000 for accounts payable due.
11th Apr Traditional Theater lowered in size with D. Zarle Firm to characteristic the concession stand. Zarle is to pay 18% of putrid concession receipts (payable monthly) for the rental of the concession stand.
12th Apr Paid promoting costs 300.
20th Apr Got one amongst the motion pictures ordered on April 3 and was as soon as billed 1,000. The film would maybe be proven in April.
twenty fifth Apr Got 5,500 cash from admissions.
29th Apr Paid salaries 1,600.
30th Apr Got assertion from D. Zarle showing putrid concession receipts of 1,200 and the balance attributable to The Traditional Theater of 216 (1,200 18%) for April.
Zarle paid one-half of the balance due and would possibly maybe aloof remit the relaxation on Also can 5.
30th Apr Pay as you dart 1,300 rental on particular film to be hasten in Also can.
As smartly as to the accounts identified above, the chart of accounts reveals No. 112 Accounts Receivable, No. 136 Pay as you dart Rent, No. 400 Carrier Revenue, No. 429 Rent Revenue, No. 610 Selling Expense, No. 726 Salaries and Wages Expense, and No. 729 Rent Expense.
Directions
Preparation of the Monetary Statements Use accounting cycle to total this project. The carried out Excel spreadsheet needs to be submitted
(a) Enter the starting balances in the ledger as of April 1. Insert a verify mark () in the reference column of the ledger for the starting balance.
(b) Journalize the April transactions.
(c) Put up the April journal entries to the ledger. Judge that all entries are posted from web page 1 of the journal.
(d) Put collectively a trial balance, profits assertion, dwelling owners fairness and balance sheet on April 30, 2017
(e) Prognosis of the profits assertion and balance sheet.
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