3 Exercise 1: Instructions For each of the transactions below, prepare: 5 1) the journal entry (if one is required) to record the initial transaction (8 marks) 6 2) and then prepare the adjusting entry, if any, required on September 30, the end of the fiscal year. (8 marks) 7 3) Post the entries in the T-accounts and prepare a Trial Balance. (20 marks) 9 a) On September 1, paid rent on the indoor park facility for three months, $180,000. 10 b) 11 e) 12 d) On September 1, sold season tickets for admission to the indoor park. The tickets can be used for a period of one year. Season ticket sales totalled $900,000. On September 1, borrowed $150,000 from First Canadian Bank by issuing a 5% note payable due in three months, interest due on maturity. On September 6, schedules for 8 competition days in September, 10 days in October, and 7 competition days in November were printed for $3,000. 13 14