posted by mary on .
The lake theater opened on april 1.all facilities were completed on march 31. During april,the following events and transactions occured.
Apr.2 paid film rental of $800 on first movie.
3 ordered two additional films at $1,000 each.
10 made $2,000 payment on mortgage and $1,000 for accounts payable due.
11 lake theater contracted with r.wynns company to operate the concession stand. Wynns is to pay 17% of gross concession receipts (payable monthly) for the right to operate the concession stand.
20 received one of the films ordered on april 3 and was billed $1,000.the film will be shown in april.
30 received statement from r.wynns showing gross concession receipts of $1,000 and the balance due to the lake theater of $170($1,000 × 17%) for april. Wynns paid one-half of the balance due and will remit the remainder on may 5.
Journalize the april transaction.
when a merchandiser sell
on account which journal entry is
needed to record the transaction