7. FITB.04.72 Prepare general I entries to record the follo explanations after e

Question

7. FITB.04.72 Prepare general I entries to record the follo explanations after each entry Mar. 1 J. Lynch invested in a neighborhood movie house and, $300,000: suldino, s400.000, and equipment, so,000, totaling $50,000 2 Rental expense for the movies shown for the month, $6,000 on account 5 Ticket sales for the month, $22,000 cash 8 Wages paid for the month, $11,000. 12 Purchased a new popcorn machine, $3,300 on account 17 Paid monthly fee to maintenance company, $2.700. 23 Rented the theater to an organization for a night. Billed them $2,300. 30 Paid $600 on the amount owed for the new popcorn machine If an amount box does not require, leave it blank. POST. DEBIT CREDIT DATE DESCRIPTION REF 7 Mar. 5 Q Mar R

Explanation / Answer

  Journal Entries (Amounts in $)

Date Description Post Ref. Debit Credit Mar 1 Land 100,000 Building 400,000 Equipment 50,000 J. Lynchs' Capital 550,000 Mar. 2 Rent expense 6,000 Accounts Payable 6,000 Mar. 5 Cash 22,000 Sales Revenue 22,000 Mar. 8 Wages expense 11,000 Cash 11,000 Mar. 12 Property, Plant and Equipment 3,300 Accounts Payable 3,300 Mar. 17 Maintenance expense 2,700 Cash 2,700 Mar. 23 Accounts Receivable 2,300 Service Revenue 2,300 Mar. 30 Accounts Payable 600 Cash 600

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