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(Solved): A201: Chapter 2 Exercises & Problems P2-5A Schwartz, Inc. owns movie theaters in the shopping ma ...



A201: Chapter 2 Exercises & Problems P2-5A Schwartz, Inc. owns movie theaters in the shopping malls of a major metropolitan bcan someone help with the required 1-3? Hide image transcript A201: Chapter 2 Exercises & Problems P2-5A Schwartz, Inc. owns movie theaters in the shopping malls of a major metropolitan business completed the following transactions for the month of February: area. The Received cash of $30,000 and issued common stock to the investor. Paid $20,000 cash and signed a $30,000 note payable to purchase land for a theater a. b. site. Borrowed $100,000 from the bank to finance part of the construction of the new theater and signed a note payable to the bank Received $15,000 cash from ticket sales and deposited that amount in the bank (labeling the revenue as Sales Revenue) Purchased theater supplies Paid employees' salaries, $2,800, and rent on a theater building, $1,800. Paid property tax expense, $1,200. Paid $800 on account. Declared and paid a cash dividend of $3,000. c. d. on account, $1,700. e. f. g. h. Schwartz, Inc. uses the following accounts: Cash, Supplies, Land, Accounts Payable, Notes Payable, Common Stock, Dividends, Sales Revenue, Salary Expense, Rent Expense, and Property Tax Expense Required: Journalize each transaction. Explanations are not required. Post to T accounts and provide the ending balances in the T accounts. After these transactions, how much cash does the business have? How much does it owe in total? 1. 2. 3.



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