7 FITB0472 Prepare general I entries to record the follo exp

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

Solution

  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