1 2 Section 4: Journalising: For each of the transactions below, prepare (20 Marks); and then, the adjusting entry, if any, required on November 30, the end of the fiscal year and the reverse entry on December 1 for transaction (c) 3 4 1) the journal entry (if one is required) to record the initial transaction 5 2) 7 a) b) On November 1, paid rent in advance on the track facility for three months, $105,000. 9 c) 10 11 d) On November 1, sold season tickets for the annual admission to the racetrack. Season ticket sales totalled $900,000. On November 1, borrowed $150,000 from their bank by issuing a 6% note payable due in three months. Interest is payable at maturity. On November 5, schedules for 20 racing days in November 25 racing days in December, and 15 racing days in January were printed for $3,000.