Among the ledger accounts used by Glenwood Speedway are the following: Prepaid Rent, RentExpense, Unearned Admissions Revenue, Admissions Revenue, Prepaid Printing, Printing Expense,Concessions Receivable, and Concessions Revenue. For each of the following items, providethe journal entry (if one is needed) to record the initial transaction and provide the adjustingentry, if any, required on May 31, the end of the fiscal year.a. On May 1, borrowed $300,000 cash from National Bank by issuing a 12 percent note payabledue in three months.b. On May 1, paid rent for six months beginning May 1 at $30,000 per month.c. On May 2, sold season tickets for a total of $910,000 cash. The season includes 70 racingdays: 20 in May, 25 in June, and 25 in July.d. On May 4, an agreement was reached with Snack-Bars Inc., allowing that company to sell refreshmentsat the track in return for 10 percent of the gross receipts from refreshment sales.e. On May 6, schedules for the 20 racing days in May and the first 10 racing days in June wereprinted and paid for at a cost of $12,000.f. On May 31, Snack-Bars Inc., reported that the gross receipts from refreshment sales in Mayhad been $165,000 and that the 10 percent owed to Glenwood Speedway would be remittedon June 10.Something to Consider Assume that the May 1 payment of $180,000 rent was properly recordedas Prepaid Rent but that the May 31 adjusting entry for this item was inadvertently omitted. Whatis the effect of this omission on Glenwoods financial statements at May 31? (Specifically considerthe financial statement elements revenues, expenses [including income taxes], net income,assets, liabilities, and shareholders equity at May 31; indicate whether each would be overstated,understated, or not affected by the omission.)