Question

On February 28, 2021, Pharoah Inc.’s general ledger showed Cash $17,000; Land $86,000; Buildings $79,000; Equipment...

On February 28, 2021, Pharoah Inc.’s general ledger showed Cash $17,000; Land $86,000; Buildings $79,000; Equipment $19,000; Accounts Payable $12,000; Mortgage Payable $123,000; Common Shares $43,000; and Retained Earnings $23,000. During the month of March, the following transactions occurred:

Mar. 1 Received three movies to be shown during the first three weeks of March. The film rental was $27,000. Of that amount, $10,000 was paid in cash and the remainder was on account. (Hint: Pharoah uses the account Rent Expense to record film rentals).
2 Hired M. Brewer to operate concession stand. Brewer agrees to pay Pharoah 15% of gross receipts, payable on the last day of each month, for the right to operate the concession stand. (Hint: Pharoah uses the account Concession Revenue to record concession receipts earned.)
5 Ordered three additional movies, to be shown the last 10 days of March. The film rental cost will be $300 per night.
12 Paid balance due on the movies rented on March 1.
13 Paid the accounts payable owing at the end of February.
15 Received $25,500 from customers for admissions for the first half of the month. (Hint: Pharoah uses the account Fees Earned to record revenue from admissions.)
19 Paid advertising expenses, $950.
20 Received the movies ordered on March 5 and paid rental fee of $3,000 ($300 × 10 nights).
23 Paid salaries of $4,200.
26 Paid $1,250 of the balance due on the mortgage, as well as $750 of interest on the mortgage.
28 Paid $3,000 for the monthly income tax instalment.
30 Received statement from M. Brewer, showing gross concession receipts of $16,600, and the balance due to Pharoah of $2,490 ($16,600 × 15%) for March. Brewer paid half of the balance due and will remit the remainder on April 5.
31 Received $25,800 from customers for admissions for the past two weeks.

(a)

Journalize the March transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 5,275. Record journal entries in the order presented in the problem.)

Date

Account Titles and Explanation

Debit

Credit

                                                                      Mar. 1Mar. 2Mar. 5Mar. 12Mar. 13Mar. 15Mar. 19Mar. 20Mar. 23Mar. 26Mar. 28Mar. 30Mar. 31

                                                                      Mar. 1Mar. 2Mar. 5Mar. 12Mar. 13Mar. 15Mar. 19Mar. 20Mar. 23Mar. 26Mar. 28Mar. 30Mar. 31

                                                                      Mar. 1Mar. 2Mar. 5Mar. 12Mar. 13Mar. 15Mar. 19Mar. 20Mar. 23Mar. 26Mar. 28Mar. 30Mar. 31

                                                                      Mar. 1Mar. 2Mar. 5Mar. 12Mar. 13Mar. 15Mar. 19Mar. 20Mar. 23Mar. 26Mar. 28Mar. 30Mar. 31

                                                                      Mar. 1Mar. 2Mar. 5Mar. 12Mar. 13Mar. 15Mar. 19Mar. 20Mar. 23Mar. 26Mar. 28Mar. 30Mar. 31

                                                                      Mar. 1Mar. 2Mar. 5Mar. 12Mar. 13Mar. 15Mar. 19Mar. 20Mar. 23Mar. 26Mar. 28Mar. 30Mar. 31

                                                                      Mar. 1Mar. 2Mar. 5Mar. 12Mar. 13Mar. 15Mar. 19Mar. 20Mar. 23Mar. 26Mar. 28Mar. 30Mar. 31

                                                                      Mar. 1Mar. 2Mar. 5Mar. 12Mar. 13Mar. 15Mar. 19Mar. 20Mar. 23Mar. 26Mar. 28Mar. 30Mar. 31

                                                                      Mar. 1Mar. 2Mar. 5Mar. 12Mar. 13Mar. 15Mar. 19Mar. 20Mar. 23Mar. 26Mar. 28Mar. 30Mar. 31

Mar. 26

                                                                      Mar. 1Mar. 2Mar. 5Mar. 12Mar. 13Mar. 15Mar. 19Mar. 20Mar. 23Mar. 26Mar. 28Mar. 30Mar. 31

Mar. 30

                                                                      Mar. 1Mar. 2Mar. 5Mar. 12Mar. 13Mar. 15Mar. 19Mar. 20Mar. 23Mar. 26Mar. 28Mar. 30Mar. 31

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(b)

The parts of this question must be completed in order. This part will be available when you complete the part above.

(c)

The parts of this question must be completed in order. This part will be available when you complete the part above.

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Homework Answers

Answer #1
Date Account Titles and Explanation Debit Credit
Mar. 1 Rent expense 27000
Cash 10000
Accounts payable 17000
Mar. 2 No Entry 0
No Entry 0
Mar. 5 No Entry 0
No Entry 0
Mar. 12 Accounts payable 17000
Cash 17000
Mar. 13 Accounts payable 12000
Cash 12000
Mar. 15 Cash 25500
Fees earned 25500
Mar. 19 Advertising expense 950
Cash 950
Mar. 20 Rent expense 3000
Cash 3000
Mar. 23 Salaries expense 4200
Cash 4200
Mar. 26 Mortgage payable 1250
Interest expense 750
Cash 2000
Mar. 28 Income tax expense 3000
Cash 3000
Mar. 30 Cash 1245
Accounts receivable 1245
Concessions revenue 2490
Mar. 31 Cash 25800
Fees earned 25800
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