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The Novak Theater opened on April 1. All facilities were completed on March 31. At this time, the ledger showed No. 101 Cash $7.500, No. 140 Land $10,500, No. 145 Buildings (concession stand, projection room, ticket booth, and screen) $6,500, No. 157 Equipment $7,500, No. 201 Accounts Payable $3,500, No. 275 Mortgage Payable $8.500, and No. 311 Common Stock $20,000. During April, the following events and transactions occurred. 9 Apr. 2 Paid film rental of $1.140 on first movie. 3 Ordered two additional films at 51.930 each. Received $2,430 cash from admissions 10 Made $2,080 payment on mortgage and $1,300 for accounts payable due. 11 Novak Theater contracted with Dever Company to operate the concession stand. Dever is to pay 18% of gross concession receipts (payable monthly) for the rental of the concession stand. Pald advertising expenses $320, 20 Received one of the films ordered on April 3 and was billed $1.930. The film will be shown in April 25 Received $5.700 cash from admissions 29 Paid salaries $1.200 33 Received statement from Dever showing gross concession receipts of $1.100 and the balance due to the Novak Theater of 5198 51.100 * 1856) for April Dever paid one-half of the balance due and will remit the remainder on May 12 5. 30 Prepaid $910 rental on special film to be run in May

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