Highland Theatre is owned by Finnean Ferguson. At June 30, 2017, the ledger showed the following: Cash
Question:
July 2 Paid film rental of $800 on first movie to run in July.
2 Paid advertising expenses, $620.
3 Ordered two additional films at $750 each.
5 Highland Theatre contracted with Seibert Company to operate a concession stand. Seibert agreed to pay Highland Theatre 20% of gross concession receipts, payable monthly, for the right to operate the concession stand.
10 Received $1,950 cash from admissions.
11 Paid $2,000 of the mortgage principal. Also paid $500 interest on the mortgage.
12 Paid $350 cash to have the projection equipment repaired.
16 Paid $2,800 of the accounts payable.
19 Received one of the films ordered on July 3 and was billed $750. The film will be shown in July.
29 Received $3,500 cash from customers for admissions.
30 Paid Finnean Ferguson $1,200 for his personal use.
30 Prepaid a $700 rental on a special film to be shown in August.
31 Paid salaries, $1,900.
31 Received a statement from Seibert. It shows gross concession receipts of $2,600 and a balance due to Highland Theatre of $520 ($2,600 × 20%) for July. Seibert paid one half of the balance due and will pay the rest on August 5.
3In addition to the accounts identified above, Highland Theatre's ledger includes the following: Accounts Receivable; Prepaid Film Rental; F. Ferguson, Drawings; Admission Revenue; Concession Revenue; Advertising Expense; Film Rental Expense; Repairs Expense; Salaries Expense; and Interest Expense.
Instructions
(a) Journalize the July transactions.
(b) Enter the beginning balances in the ledger as at June 30. Use the ledger format provided in Illustration 2-6.
(c) Post the July journal entries to the ledger.
(d) Prepare a trial balance at the end of July 2017.
TAKING IT FURTHER
A friend of yours is considering buying Highland Theatre form the current owner. Using the information in the trial balance, comment on whether or not this may be a sound company for your friend to purchase.
Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive...
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Step by Step Answer:
a GENERAL JOURNAL Date Account Titles Debit Credit July 2 Film Rental Expense 800 Cash 800 2 Advertising Expense 620 Cash 620 3 No entrynot a transaction 5 No entrynot a transaction 10 Cash 1950 Admis...View the full answer
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Related Book For 
Accounting Principles
ISBN: 978-1119048503
7th Canadian Edition Volume 1
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
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