View Policies Current Attempt in Progress The Crane Theater Inc. was recently formed. It began operations in March 2022. The Crane is unique in that it will show only triple features of sequential theme movies. On March 1, the ledger of The Crane showed Cash $15,500; Land $36,500; Buildings (concession stand, projection room, ticket booth, and screen) $20,000; Equipment $14,000; Accounts Payable $11,600; and Common Stock $74,400. During the month of March, the following events and transactions occurred: Mar. 2 3 9 10 11 Rented the first three Star Wars movies (Star Wars, The Empire Strikes Back, and The Return of the Jedi) to be shown for the first three weeks of March. The film rental was $15,000; $2,400 was paid in cash and $12,600 will be paid on March 10. Ordered the first three Star Trek movies to be shown the last 10 days of March. It will cost $650 per night. Received $11,200 cash from admissions. Paid balance due on Star Wars movies' rental and $2,500 on March 1 accounts payable. The Crane Theater contracted with R. Lazlo to operate the concession stand. Lazlo agrees to pay The Crane 15% of gross receipts, payable monthly, for the rental of the concession stand. Paid advertising expenses $500. . Received $9,100 cash from customers for admissions. Received the Star Trek movies and paid rental fee of $4,000. Paid salaries of $4,700. Received statement from R. Lazlo showing gross receipts from concessions of $10,600 and the balance due to The Crane of $1,590 ($10,600 x.15) for March. Lazlo paid half the balance due and will remit the remainder on April 5. Received $23,500 cash from customers for admissions. 12 20 20 31 31 31 (a) Using T-accounts, enter the beginning balances to the ledger. Cash Land Buildings Equipment Accounts Payable Common Stock e Textbook and Media List of Accounts Save for Later Attempts: 0 of 5 used Submit