Among the ledger accounts used by Rapid Speedway are the following Prepaid Rent, Rent Expense. Uneamed Admissions Revenue, Admissions Revenue. Prepaid Printing. Printing Expense. Concessions Receivable, and Concessions Revenue. For each of the following items provide the journal entry of 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 Q. On May 1, borrowed $250,000 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 $38 000 per month c. On May 2. sold season tickets for a total of $890,000 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 Check On May 1, borrowed $250,000 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 Record the interest expense for May on note payable to National Bank. Note: Enter debits before credits. Date General Journal Debit Credit May 31 Required A Required B Required a Required D On May 1, paid rent for six months beginning May 1 at $38,000 per month. (If no entry is required for a transaction/event, 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 $38,000 per month. Note: Enter debits before credits General Journal Date May 01 Debit Credit On May 1, paid rent for six months beginning May 1 at $38,000 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