Among the ledger accounts used by Rapid Speedway are the following: Prepaid Rent, Rent Expense, Unearned Admissions Revenue, Admissions Revenue, Prepaid Printing, Printing Expense, Concessions Receivable, and Concessions Revenue. For each of the following items, provide the journal entry (if one is needed) to record the initial transaction and provide the adjusting entry, if any, required on May 31, assuming the company makes adjusting entries monthly. a. On May 1, borrowed $600,000 cash from National Bank by issuing a 9 percent note payable due in three months. b. On May 1, paid rent for six months beginning May 1 at $14,400 per month. c. On May 2, sold season tickets for a total of $720,000 cash. The season includes 60 racing days: 15 in May, 20 in June, and 25 in July. d. On May 4, an agreement was reached with Snack-Bars, Inc., allowing that company to sell refreshments at the track in return for 10 percent of the gross receipts from refreshment sales. Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D On May 1, borrowed $600,000 cash from National Bank by issuing a 9 percent note payable due in three months. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D On May 1, borrowed $600,000 cash from National Bank by issuing a 9 percent note payable due in three months. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 Record the entry for borrowing a three-month loan from National Bank at 9% interest per year. Note: Enter debits before credits. Date May 01 General Journal Debit Credit Record entry Clear entry View general journal < Required A Required B > Required A Required B Required C Required D On May 1, borrowed $600,000 cash from National Bank by issuing a 9 percent note payable due in three months. (If no entr for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet > 1 2 Record the interest expense for May on note payable to National Bank. Note: Enter debits before credits. Date May 31 General Journal Debit Credit Record entry Clear entry View general journal Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D On May 1, paid rent for six months beginning May 1 at $14,400 per month. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 Record entry for the payment of rent for six months at $14,400 per month. Note: Enter debits before credits. Date May 01 General Journal Debit Credit Record entry Clear entry View general journal Required A Required B Required C Required D On May 1, paid rent for six months beginning May 1 at $14,400 per month. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet < 1 2 Record rent expense for the month of May. Note: Enter debits before credits. Date May 31 General Journal Debit Credit Record entry Clear entry View general journal Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D On May 2, sold season tickets for a total of $720,000 cash. The season includes 60 racing days: 15 in May, 20 in June, and 25 in July. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 Record the entry for season tickets sold for the sixty day racing season. Note: Enter debits before credits. Date May 02 General Journal Debit Credit Record entry Clear entry View general journal Required A Required B Required C Required D On May 2, sold season tickets for a total of $720,000 cash. The season includes 60 racing days: 15 in May, 20 in June, and 25 in July. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet < 1 Record the admissions revenue from the 15 racing days in May. Note: Enter debits before credits. Date May 31 General Journal Debit Credit Record entry Clear entry View general journal Required A Required B Required C Required D On May 4, an agreement was reached with Snack-Bars, Inc., allowing that company to sell refreshments at the track in return for 10 percent of the gross receipts from refreshment sales. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 Record entry for agreement entered into for sale of refreshments. Note: Enter debits before credits. Date May 04 General Journal Debit Credit Record entry Clear entry View general journal >