Vent Cinema adjusts its accounts each month. Vent Cinema closes its accounts at the end of each quarter and has a fiscal year ending December 31. AL April 30, the trial balance and other information were available for adjusting the accounls. VENT CINEMA Trial Balance April 30,2017 Rs.20,00.000 Cash 31,500 Prepaid Film Rental 600,000 Land 400,000 Building Accumulated Depreciation-Building 50,000 300,000 Projection Equipment 25,000 Accumulated Depreciation-Projection Equipment 30,000 Notes Payable 150,000 Accounts Payable 50,000 Uneamed Admission Revenue(YMCM)_ LiTrong. Capital 3236,500 40,000 Li Trong, Drawing Admission Revenue 80,000 Salaries Expense 90,000 Light and Power Expen9e 3,541,500 3541,500 Total Other Data .Film rental expense for the month is Rs. 15,750. However, the film rental expense for several months had been paid in advance b.The building is being depreciated over a period of 20 years(240 months) c The projection equipment is being depreciated over a period of five years(60 months) At April 30, accrued interest payable on the notes payable anount to Rs 1,600. No entry has yet been made to record for the month of April. eVent Cinema allows the local YMCM to bring children atending summer camp to the movies on any weekday afemoon for a fixed fee o Rs. 500 per month. On March 1, the YMCM made a Rs. I,500 advance payment covering the month of March, April, May Vent Cinema receives a pereentage of the revenue eamed by the taste Corporation, the concessionaire operating the snack bar. For snack ba sales in April, Taste owes Vent Cinema Rs. 6,000, payable August 10. No entry has yet been made to record this revenue. & Salaries earned by employees but not yet recorded or paid as of April 30 amount to Rs.20,000. No entry has yet been made to record this liability ad payment. Reauired: Prepare closing.entries taking iate consideration above adiusting entries

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter4: Income Measurement And Accrual Accounting

Section: Chapter Questions

Problem 4.8P

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Q3.Vent Cinema adjusts its accounts each month. Vent Cinema closes its accounts at the end of each quarter and has a fiscal year ending December 31. AL April 30, the trial balance and other information were available for adjusting the accounls. VENT CINEMA Trial Balance April 30,2017 Rs.20,00.000 Cash 31,500 Prepaid Film Rental 600,000 Land 400,000 Building Accumulated Depreciation-Building 50,000 300,000 Projection Equipment 25,000 Accumulated Depreciation-Projection Equipment 30,000 Notes Payable 150,000 Accounts Payable 50,000 Uneamed Admission Revenue(YMCM)_ LiTrong. Capital 3236,500 40,000 Li Trong, Drawing Admission Revenue 80,000 Salaries Expense 90,000 Light and Power Expen9e 3,541,500 3541,500 Total Other Data .Film rental expense for the month is Rs. 15,750. However, the film rental expense for several months had been paid in advance b.The building is being depreciated over a period of 20 years(240 months) c The projection equipment is being depreciated over a period of five years(60 months) At April 30, accrued interest payable on the notes payable anount to Rs 1,600. No entry has yet been made to record for the month of April. eVent Cinema allows the local YMCM to bring children atending summer camp to the movies on any weekday afemoon for a fixed fee o Rs. 500 per month. On March 1, the YMCM made a Rs. I,500 advance payment covering the month of March, April, May Vent Cinema receives a pereentage of the revenue eamed by the taste Corporation, the concessionaire operating the snack bar. For snack ba sales in April, Taste owes Vent Cinema Rs. 6,000, payable August 10. No entry has yet been made to record this revenue. & Salaries earned by employees but not yet recorded or paid as of April 30 amount to Rs.20,000. No entry has yet been made to record this liability ad payment. Reauired: Prepare closing.entries taking iate consideration above adiusting entries

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