The Foothill Music Festival uses a fiscal year ending June 30 and recognizes two types of revenue: Admissions Revenue and Concessions Revenue. The latter revenue comes from the sale of refreshments in the theater through a contract with a conces sionaire. The events listed below in paragraphs (1) through (6) all occurred during June of the current year. LO8 (1) On June 1, paid rent for six months at $1,200 per month. (Debit Prepaid Rent.)
(2) On June 2, sold season tickets to the Foothill Music Festival for a total of $15,600. Four different programs were included in the festival, scheduled to be presented as follows: Program no. 1, June 15-16; program no. 2, June 29-30;
program no. 3, July 5-6; and program no. 4, July 19-20. (Credit Unearned Admis¬ sions Revenue.)
(3) On June 6, an agreement was reached with Harvey Lynn to sell refreshments in the theater. In return for the privilege, Lynn agreed to pay 5% of gross receipts to the management within three days after the conclusion of each program.
(4) On June 7, four program notes, one for each of the four programs, were printed at a total cost of $1,260. Cash was paid. (Debit Prepaid Printing.)
(5) On June 19, cash in the amount of $96 was received from Lynn, representing 5% of refreshment sales of $1,920 during program no. 1. (Credit Concessions Revenue.)
(6) On June 30, Lynn reported that total refreshment sales at program no. 2 amounted to $2,160. No cash was received at this time.
Instructions For each of the numbered paragraphs, you are to write first the journal entry (if one is required) to record the event, and secondly the related adjusting entry, if any, required at June 30, the end of the fiscal period.