Rapid technological change occurred in the industrial sector of the United States concurrently with the Civil War, the expansion of railroads, the influx of immigrants, the conquest of the South, and an eruption of social and political unrest in Europe (revolutions in France, Germany, Austria-Hungary, and Italy in the period 1848-1870).Yet financial instability, with frequent events called "panics," was fairly normal -- as was the rise of criminals, embezzlers, and frauds to great wealth and power.1. Is economic theory a reasonably adequate tool for modeling all this, or should we instead choose a multidisciplinary approach?a. Economists try to create models, such as Hyman Minsky's famous "financial instability hypothesis," that link recurring patterns in the economy to non-economic factors such as regulation and deregulation by legislators, income polarization, and the business cycle. Economists bring a level of order to the chaotic. b. Economists usually get it wrong because they are overly focused on money. c. Historians, geographers, soil scientists, chemists, climatologists, and even psychologists do the necessary labor of collecting data, while all economists do is make abstract models that look like science but are actually spurious or, at best, oversimplifications. d. Details matter. Economists generalize.

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.)