The following report was submitted by the treasurer of SoBSA for the year ended December 31, 2019. Financially the year was not a success, the balance at the bank on December 31 being GHC2,210 compared
with GHC2,730 on January 1. The Association’s office space remain in the books at cost price GHC45,000. The
loan received from SRC for the purchase of the office space which stood at GHC7,500 on January 1 has been
reduced this year by the repayment of GHC1,500. The Association also paid the year’s interest on the loan
amounting to GHC380.
Other items of expense during the year were as follows: Allowances to executives GHC11,810, Repairs and
maintenance GHC1,270; Correspondence GHC290. In addition, the allowances GHC210 due but not paid and
repairs GHC160 outstanding at December 31.
The Association’s furniture was worth GH5,700 on January 1 and should be depreciated at 10%. The Television
set acquired for the office on December GHC950 has helped in entertaining students. Other equipment at
January 1, was valued at GHC8,600 and this is not to be depreciated.
Dues received from students were GHC13,200 of which GHC1,200 related to the previous year while
GHC1,500 dues for the current year had not been received from students by December 31. The cost of snack
bar supplies was GHC8,250 and snack bar sales amounted to GHC10,790. The snack bar attendance’ wages
was GHC1,560. The dinner held on December 18 cost GHC3,000 but sales of tickets fetched GHC4,500.
From this report, prepare the income and expenditure account for the year ended December 31, 2019 and a
balance sheet as at that date.

The starr theater, owned by meg vargo, will begin operations in march. the starr will be unique in that it will show only triple features of sequential theme movies. as of march 1, the ledger of starr showed: cash $3,150, land $22,000, buildings (concession stand, projection room, ticket booth, and screen) $10,000, equipment $10,000, accounts payable $7,300, and owner’s capital $37,850. during the month of march, the following events and transactions occurred.mar. 2 rented the three indiana jones movies to be shown for the first 3 weeks of march. the film rental was $3,600; $1,600 was paid in cash and $2,000 will be paid on march 10.3 ordered the lord of the rings movies to be shown the last 10 days of march. it will cost $200 per night.9 received $4,500 cash from admissions.10 paid balance due on indiana jones movies rental and $2,200 on march 1 accounts payable.11 starr theater contracted with adam ladd to operate the concession stand. ladd is to pay 15% of gross concession receipts, payable monthly, for the rental of the concession stand.12 paid advertising expenses $900.20 received $5,100 cash from customers for admissions.20 received the lord of the rings movies and paid the rental fee of $2,000.31 paid salaries of $2,900.31 received statement from adam ladd showing gross receipts from concessions of $6,000 and the balance due to starr theater of $900 ($6,000 × 15%) for march. ladd paid one-half the balance due and will remit the remainder on april 5.31 received $9,200 cash from customers for admissions.1.) enter the beginning balances in the ledger.2.) journalize the march transactions. starr records admission revenue as service revenue, rental of the concession stand as rent revenue, and film rental expense as rent expense. (credit account titles are automatically indented when the amount is entered. do not indent manually. record journal entries in the order presented in the problem. if no entry is required, select "no entry" for the account titles and enter 0 for the amounts.)3.) post the march journal entries to the ledger. (post entries in the order of journal entries presented in the previous question.)