The Cullumber Theater Inc. was recently formed. It began operations in March 2022. The Cullumber is unique in that it will show only triple features of sequential theme movies. On March 1, the ledger of The Cullumber showed Cash $15,500; Land $35,000; Buildings (concession stand, projection room, ticket booth, and screen) $23,000: Equipment $18,000; Accounts Payable $12,500; and Common Stock $79,000. During the month of March, the following events and transactions occurred: Mar. 2 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 $12,000 $1,700 was paid in cash and $10,300 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 $700 per night. 9 Received $11.900 cash from admissions. 10 Paid balance due on Star Wars movies' rental and $2,800 on March 1 accounts payable 11 The Cullumber Theater contracted with R. Lazlo to operate the concession stand. Lazlo agrees to pay The Cullumber 15% of gross receipts, payable monthly, for the rental of the concession stand. 12 Paid advertising expenses $700. 20 Received $9,900 cash from customers for admissions 20 Received the Star Trek movies and paid rental fee of $6,000 31 Paid salaries of $3,500. 31 Received statement from R. Lazlo showing gross receipts from concessions of $11,000 and the balance due to The Cullumber of $1.650 ($11,000.15) for March Lazlo paid half the balance due for the rental of the concession stand and will remit the remainder on April 5 Received $23,500 cash from customers for admissions
The Cullumber Theater Inc. was recently formed. It began operations in March 2022. The Cullumber is unique in that it will show only triple features of sequential theme movies. On March 1, the ledger of The Cullumber showed Cash $15,500; Land $35,000; Buildings (concession stand, projection room, ticket booth, and screen) $23,000: Equipment $18,000; Accounts Payable $12,500; and Common Stock $79,000. During the month of March, the following events and transactions occurred: Mar. 2 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 $12,000 $1,700 was paid in cash and $10,300 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 $700 per night. 9 Received $11.900 cash from admissions. 10 Paid balance due on Star Wars movies' rental and $2,800 on March 1 accounts payable 11 The Cullumber Theater contracted with R. Lazlo to operate the concession stand. Lazlo agrees to pay The Cullumber 15% of gross receipts, payable monthly, for the rental of the concession stand. 12 Paid advertising expenses $700. 20 Received $9,900 cash from customers for admissions 20 Received the Star Trek movies and paid rental fee of $6,000 31 Paid salaries of $3,500. 31 Received statement from R. Lazlo showing gross receipts from concessions of $11,000 and the balance due to The Cullumber of $1.650 ($11,000.15) for March Lazlo paid half the balance due for the rental of the concession stand and will remit the remainder on April 5 Received $23,500 cash from customers for admissions
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:The Cullumber Theater Inc. was recently formed. It began operations in March 2022. The Cullumber is unique in that it
will show only triple features of sequential theme movies. On March 1, the ledger of The Cullumber showed Cash
$15,500; Land $35,000; Buildings (concession stand, projection room, ticket booth, and screen) $23,000; Equipment
$18,000; Accounts Payable $12,500; and Common Stock $79,000. During the month of March, the following events
and transactions occurred:
Mar. 2
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 $12,000: $1,700 was paid in cash and
$10,300 will be paid on March 10.
3
Ordered the first three Star Trek movies to be shown the last 10 days of March. It will cost $700 per night.
Received $11.900 cash from admissions.
9
10
Paid balance due on Star Wars movies' rental and $2,800 on March 1 accounts payable
11
The Cullumber Theater contracted with R. Lazlo to operate the concession stand. Lazlo agrees to pay The
Cullumber 15% of gross receipts, payable monthly, for the rental of the concession stand.
12
Paid advertising expenses $700.
20
Received $9,900 cash from customers for admissions.
20
Received the Star Trek movies and paid rental fee of $6,000
31
Paid salaries of $3,500.
31
Received statement from R. Lazlo showing gross receipts from concessions of $11,000 and the balance
due to The Cullumber of $1.650 ($11,000x15) for March, Lazlo paid half the balance due for the rental of
the concession stand and will remit the remainder on April 5.
31
Received $23,500 cash from customers for admissions
Transcribed Image Text:Cash
Land
Buildings
Equipment
Accounts Payable
Common Stock
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 3 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education