Reference no: EM132933453

Problem 1: Prepare general journal entries to record the following transactions. Omit the explanations after each entry.

Mar. 1 J. Lynch invested in a neighborhood movie house. Land, $100,000; building, $400,000; and equipment, $50,000; totaling $550,000.

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, $2,700.23Rented the theater to an organization for a night. Billed them $2,300.

30 Paid $600 on the amount owed for the new popcorn machine.