Xyz company trial balance december 31, 2015 account debit credit cash $ 43,500 accounts receivable 53,500 allowance for doubtful accounts 1,500 notes receivable 30,000 merchandise inventory 55,000 land 20,000 building 150,000 accumulated depreciation, building $ 15,000 equipment 50,000 accumulated depreciation, equipment 21,000 goodwill 26,000 accounts payable 25,000 long-term notes payable 75,000 common stock, $10 par, 2,000 shares authorized and outstanding 20,000 retained earnings 147,000 sales revenue 700,000 salaries expense 150,000 utilities expense 3,500 cost of goods sold 350,000 administrative expenses 55,000 sales expenses 15,000 totals $1,003,000 $1,003,000 xyz is a small company and records adjusting entries and closing entries only at fiscal (calendar) year end. correcting and adjusting entries have not been recorded. additional information: notes receivable is a 3-month, 6% note accepted on november 1, 2015. long-term notes payable is a 5-year, 5% note that was signed on july 1, 2015. interest is payable annually. building is depreciated at 3% per year. there is no salvage value. equipment is depreciated at 15% per year. there is no salvage value. xyz discovered, on december 30, that the inexperienced bookkeeper recorded in the general journal and general ledger that day's $1,500 cash sales as a debit to accounts receivable and a credit to sales revenue. the year-end physical count for merchandise inventory reflected a value of $51,500. any difference in value will not be considered theft or loss. salaries for the last half of december, payable in january, amount to $5,500. xyz estimates that of the accounts receivable, 5% will not be collectable. required: prepare in journal form, any required correcting entries. prepare in journal form, all end-of-the-period adjusting entries. prepare a december adjusted trial balance. prepare a classified balance sheet for the year ended december 31, 2015. prepare in journal form, the closing entries for the year ended december 31, 2015.

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.)