The Sun Theater will begin operations in March. The Sun will be unique in that it will show only triple features of sequential theme movies. As of March 1, the ledger of Sun showed No. 101 Cash ₩3,000, No. 140 Land ₩24,000, No. 145 Buildings (concession stand, projection room, ticket booth, and screen) ₩10,000, No. 157 Equipment ₩10,000, No. 201 Accounts Payable ₩7,000, and No. 311 Share Capital—Ordinary ₩40,000.

During the month of March, the following events and transactions occurred (amounts in thousands).

In addition to the accounts identified above, the chart of accounts includes No. 112 Accounts Receivable, No. 400 Service Revenue, No. 429 Rent Revenue, No. 610 Advertising Expense, No. 726 Salaries and Wages Expense, and No. 729 Rent Expense.
Instructions

a. Enter the beginning balances in the ledger. Insert a check mark (✓) in the reference column of the ledger for the beginning balance.

b. Journalize the March transactions. Sun records admission revenue as service revenue, rental of the concession stand as rent revenue, and film rental expense as rent expense.

c. Post the March journal entries to the ledger. Assume that all entries are posted from page 1 of the journal.

d. Prepare a trial balance on March 31, 2025.

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Mar. 2 3 9 10 11 Rented the three Kung Fu Panda movies to be shown for the first 3 weeks of March. The film rental was #3,500; #1,500 was paid in cash and #2,000 will be paid on March 10. Ordered three Batman movies to be shown the last 10 days of March. It will cost #200 per night. Received W4,300 cash from admissions. Paid balance due on Kung Fu Panda movies rental and #2,100 on March 1 accounts payable. Sun Theater contracted with So Bin to operate the concession stand. Bin is to pay 15% of gross concession receipts, payable monthly, for the rental of the concession stand. Received #5,000 cash from customers for admissions. 12 Paid advertising expenses #900. 20 20 31 31 Received the Batman movies and paid the rental fee of #2,000. Paid salaries of W3,100. Received statement from So Bin showing gross receipts from concessions of W6,000 and the balance due to Sun Theater of W900 (#6,000 15%) for March. Bin paid one-half the balance due and will remit the remainder on April 5. 31 Received #9,000 cash from customers for admissions.