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 $300,000 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 $32,000 per month c. On May 2, sold season tickets for a total of $950,000 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 Required D On May 1, borrowed $300,000 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 dobits before credits Debit Credit General Journal Date May 01 A5 Next > Required A Required B Required c Required D On May 1, borrowed $300,000 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 ces Record the entry for season tickets sold for the sixty day racing season. Note: Enter debits before credits. General Journal Debit Credit Date May 02 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 $32,000 per month. (If no entry is required for a transact journal entry required in the first account field.) View transaction list Journal entry worksheet 5 e Required A Required B Required c Required D On May 2, sold season tickets for a total of $950,000 cash. The season includes 60 racing days: 15 in May, no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do calculations and round your final answer to nearest dollar amount.) View transaction list Journal entry worksheet 1 2 Record the admissions revenue from the 15 racing days in May. Note: Enter debits before credits General Journal Debit Credit Date May 31 Record entry Clear entry View general Journal Required B Required 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 percent of the gross receipts from refreshment sales. (If no entry is required for a transaction/event, select 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 Debit Credit Date General Journal May 04 Record entry Clear entry View general Journal