Among the ledger accounts used by Cottonwood Speedway are the following: Pre¬

paid Rent, Rent Expense, Unearned Admissions Revenue, Admissions Revenue, Pre¬

paid Printing, Printing Expense, Concessions Receivable, and Concessions Revenue.

For each of the following items, write first the journal entry (if one is needed) to record the external transaction and secondly the adjusting entry, if any, required on March 31, the end of the fiscal year. LO8 a On March 1, paid rent for the next four months at $25,000 per month, b On March 2, sold season tickets for a total of $600,000. The season includes 60 racing days: 15 in March, 25 in April, and 20 in May.

c On March 3, an agreement was reached with Snack-Bars, Inc., allowing that com¬

pany to sell refreshments at the track in return for 10% of the gross receipts from refreshment sales.

d On March 5, schedules for the 15 racing days in March and the first 10 racing days in April were printed and paid for at a cost of $10,000.

e On March 31, Snack-Bars, Inc., reported that the gross receipts from refreshment sales in March had been $135,000 and that the 10% owed to Cottonwood Speedway would be remitted on April 10.