-/28 E S VICVV ruiILIC: Current Attempt in Progress The Lily Theater, owned by Meg Vargo, will begin operations in March. The Lily will be unique in that it will show only triple features of sequential theme movies As of March 1,the ledger of Lily showed: Cash No. 101 $2,950, No. 140 Land $24,000, No. 145 Buildings (concession stand, projection room, ticket booth, and screen) $12,000, No 157 Equipment $12,000, No 201 Accounts Payable $7,400, and No. 301 Owner's Capital $43,550. During the month of March, the following events and transactions occurred. Mar. 2 Rented the three indiana Jones movies to be shown for the rst 3 weeks of March. The lm rental was $3,000; $1,600 was paid in cash and $1,400 will be paid on March 10. 3 Ordered the Lord of the Rings movies to be shown the last 10 days of March. It will cost $160 per night. 9 Received $4,400 cash from admissions. 10 Paid balance due on Indiana Jones movies rental and $2,200 on March 1 accounts payable. 11 Lily Theater contracted with Adam Ladd to operate the concession stand. Ladd is to pay 15% of gross concession receipts, payable monthly, for the rental of the concession stand, 12 Paid advertising expenses $800, 20 Received $5,500 cash from customers for admissions. 20 Received the Lord of the Rings movies and paid the rental fee of $1,600. 31 Paid salaries of $2,900. 31 Received statement from Adam Ladd showing gross receipts from concessions of $5,000 and the balance due to Lily Theater of $750 ($5,000 X 15%) for March Ladd paid one-halfthe balance due and will remit the remainder on April 5. 31 Received $9,700 cash from customers for admissions -/28 E 5 Enter the beginning balances in the ledger. Cash No. 101 Date Explanation Ref Debit Credit Balance Mar. 1 Balance J Accounts Receivable No. 112 Date Explanation Ref Debit Credit Balance Mar. 1 Balance Land No. 140 Date Explanation Ref Debit Credit Balance Mar. 1 Balance J Date Explanation Ref Debit Credit Balance Mar. 1 Balance J Equipment No. 157 Date Explanation Ref Debit Credit Balance 6 Mar. 1 Balance J o I) .3 i education.wiley.com C 1 E]1 _ / 28 E 5 Accounts Payable No. 201 Date Explanation Ref Debit Credit Balance Mar. 1 Balance J Date Explanation Ref Debit Credit Balance Mar. 1 Balance J Service Revenue No. 400 Date Explanation Ref Debit Credit Balance Mar. 1 Balance Rent Revenue No. 429 Date Explanation Ref Debit Credit Balance Mar. 1 Balance Advertising Expense No. 610 Date Explanation Ref Debit Credit Balance Mar. 1 Balance Salaries and Wages Expense No. 726 0 Date Explanation Ref Debit Credit Balance -/28 E 5 Salaries and Wages Expense No. 726 Date Explanation Ref Debit Credit Balance Mar. 1 Balance Rent Expense No. 729 Date Explanation Ref Debit Credit Balance Mar. 1 Balance eTextbook and Media List of Accounts Save for Later Attempts: 0 of 3 used Submit Answer (b) The parts of this question must be completed in order. This part will be available when you complete the part above. (C) Q The parts of this question must be completed in order, This part will be available when you complete the part above