F150 Week 2 2023 Business Finance

2023 P3 8A The Star lite Theater Inc was recently formed It began operations in March 2010 The Star lite is

P3-8A  The Star-lite Theater Inc. was recently formed.  It began operations in March 2010.  The Star-lite is unique in that it will show only triple features of sequential theme movies.  On March 1, the ledger of The Star-lite showed:  Cash 16,000; Land $38,000; Building (concession stand, projection room, ticket booth, and screen) $22,000; Equipment $16,00; Accounts Payable $12,00; and Common Stock $80,000.  During the month of March the following events and transactions occurred:
2-Mar Rented the three Star Wars movie (Star Wars®, The Empire Strikes Back, and the renturn of the Jedi)  to be shown for the first three weeks of March.  The film rental was $10,000; $20,000 was paid in cash and $8,000 will be paid on March 10.
3-Mar Ordered the first three Star Trek Moviews to be shown the last 10 days of March.  It will cost $400 per night.
9-Mar Receoved $9,000 cash from admissions  
10-Mar Paid balance due Star Wars movie rental and $2,600 on March 1 accounts payable
11-Mar Hired J. Carne to operate the concessions stand.  Carne agrees to pay the Star-lite Theather 15% of gross receipts, payables monthly.
12-Mar Paid advertising expenses $900    
20-Mar Received $7,100 cash from customers for admissions
20-Mar Received $7,100 cash from customers for admissions
31-Mar Paid salaries of $3,800      
31-Mar Received statement from J. Carne showing gross receipts from concessions of $10,000 and the balance due to The Star-Lite of $1,500 for March.  Carne paid half the balance due and will remit the reminder on April 5.
31-Mar Received $20,000 cash from customers for admissions
In addition to the accounts identified above, the chart of accounts includes:  Accounts Receivables, Admission Revenue, Concession Revenue, Advertising Expense, Film Rental Expense, and Salaries Expense.
a)  Using T accounts, enter the beginning balances to the ledger.
b)  Journalize the March transactions, including explanations  
C)  Post the March journal entries to the ledger    
d)  Prepare a trail balance on March 31, 2010.    
P4-8A  Linda Blye opened Cardinal Window Washing Inc. on July 1, 2010.  During July the following transactions were completed.
1-Jul Issued 11,000 shares of common stock for $11,000  
1-Jul Purchased used trucks for $9,000, paying $2,000 cash and the balance on account.
3-Jul Purchased cleaning supplies for $900 on account  
5-Jul Paid, $1,800 cash on 1- year insurance policy effective July 1.
12-Jul Billed customers $3,200 for cleaning services    
18-Jul Paid, $1,000 cash on anoybnt owed on truck and $500 on amount owed on cleaning supplies.
20-Jul Paid $2,000 cash fro employee salaries    
21-Jul Collected $1,400 cash from customers billed on July 12  
25-Jul Billed customers $2,500 for cleaning services    
31-Jul Paid $260 for gash and oil used in the truck during month  
31-Mar Declared and paid $600 cash dividend    
The chart of accounts for Cardinal Window Washing containts the following Accounts:  Cash, Accounts Receivable, Cleaning Supplies, Prepaid Insurance, Equipment, Accumulated Depreciations-Equipment, Accounts Payable, Salaries Payable, Common Stock, Retained Earnings, Dividends, Income Summary, Service Revenue, Gash & Oil Expense, Cleaning Supplies Expenses, Depreciation Expenses, Insurance Expenses, Salaries Expense.
a)  Journalize the July transactions        
b)  Post to the ledger accounts.  (Use T accounts)    
c)  Prepare a trail balance at July 31        
d)  Journalie the following adjustments      
1)  Services provided but unbilled and uncollected at July 31 were $1,700  
2)  Depreciation on equipment for the month was $250    
3) One-twelfth of the insurance expired      
4) An inventory count shows $360 of cleaning supplies on hand at July 31  
5) Accrued but unpaid employee salaries were $400    
e) Post adjusting entries to the T accounts      
f)  Prepare an adjusted trail balance        
g)  Prepare the income statement and a retained earning statement for July and a classified balance sheet at July 31.
h)  Journalize and post closing entries and complete the closing process.  
i)  Prepare a post-closing trail balance at July 31.      

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