(Solved): The Concord Theater, owned by Meg Vargo, will begin operations in March. The Concord will be unique ...

The Concord Theater, owned by Meg Vargo, will begin operations in March. The Concord will be unique in that it will show only triple features of sequential theme movies. As of March 1, the ledger of Concord showed: Cash No. 101 $3,050, No. 140 Land $23,000, No. 145 Buildings (concession stand, projection room, ticket booth, and screen) $12.000, No. 157 Equipment $12,000, No. 201 Accounts Payable $7,200, and No. 301 Owner's Capital $42,850. During the month of March, the following events and transactions occurred Mar. 2 Rented the three Indiana Jones movies to be shown for the first 3 weeks of March. The film rental was $3,500; $1,400 was paid in cash and $2,100 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 $150 per night. 9 Received $4,400 cash from admissions. 10 Paid balance due on Indiana Jones movies rental and $1,700 on March 1 accounts payable. 11 Concord 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 $900. 20 Received $5.500 cash from customers for admissions. Received the Lord of the Rings movies and paid the rental fee of $1,500, Paid salaries of $2.600. 31 Received statement from Adam Ladd showing gross receipts from concessions of $5.000 and the balance due to Concord Theater of $750 ($5,000 15 %) for March. Ladd paid one-half the balance due and will remit the remainder on April 5 31 Received $9,000 cash from customers for admissions 22 223 20 31 Cash Date Explanation Mar. 1 Balance Accounts Receivable Date Explanation Mar. 1 Balance Land Date Mar. 1 Balance Explanation Buildings Date Mar. 1 Balance Equipment Date Explanation Mar. 1 Balance Accounts Payable Date Explanation Explanation Ref Ref Ref Ref Ref Ref Debit Debit Debit Debit Debit Debit Credit Credit Credit Credit Credit Credit No. 101 Balance: Balance Balance Balance Balance Balance No. 112 No. 140 No. 145 No. 157 No. 201 Owner's Capital Date Explanation Mar. 1 Balance Service Revenue Date Explanation Mar. 1 Balance Rent Revenue Date Explanation Mar. 1 Balance Advertising Expense Date Explanation Mar. 1 Balance Salaries and Wages Expense Date Explanation Mar. 1 Balance Rent Expense Cuplanation Ref Ref Ref Ref Ref Debit Debit Debit Debit Debit Credit Credit Credit Credit Credit No. 301 No. 400 No. 429 No. 610 No. 726 No. 729 Balance Balance Balance Balance Balance (b) Journalize the March transactions. Concord records admission revenue as service revenue, rental of the concession stand as rent revenue, and film rental expense as rent expense. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter o for the amounts) Date Account Titles and Explanation Debit Credit Received admissions Pald movie rental