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General Accounting Discussions: Journalizing Transaction. Please Help

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    Are these transactions need to be recorded and how would you journalize them? using the debit credit journal. Thank You

    Mar. 3 - Ordered the first three Star Trek movies to be shown the last 10 days of March. It will cost $400 per night.

    Mar. 11 - Hired J. Bybee to operate the concession stand. Bybee agrees to pay The Three-Peat Threater 15% of gross receipts, payable monthly.

    How would you journalize this?

    Mar 31 - Received statement from J. Bybee showing gross receips from concessions of $9,000 and the balance due to The Three-Peat of $1,350 for March. Bybee paid half the balance due and will remit the remainder on April 5.
    • CommentAuthormfargen
    • CommentTimeSep 28th 2008
     
    Mar 3 no transaction (not billed, or paid)

    Mar 11 no transaction (not billed, or paid)

    (keep a calendar with your financial committments listed on them, so that you won't forget any monthly bills, payments you have committed to, but no need to post on the books yet).

    Mar 31
    Adjustments for accrued expenses
    dr accounts payable $4000
    cr movie rental expense 4000
    ____for movie rental

    dr cash $675
    dr accounts receivable $675
    cr theater operating revenue $1350
    ___for theater overhead
    The gross receipts, if they are not accountable to your business, do not have to be booked (but your contract with J. Bybee should include an agreement of who pays the income taxes etc and therefore has to book the gross receipts and their other expenses).
    • CommentAuthorPatrice
    • CommentTimeOct 10th 2008
     
    If a business buys a van $15,000.00 and make a downpayment of $ 5,000.00. and have a balance of $ 10,000.00 what would be the journal entries.
    Thankful People: Lucious
    • CommentAuthorLucious
    • CommentTimeOct 16th 2008
     
    What is services rendered

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