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 $$270,000$ 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 $$21,000$ per month.

c$.$ On May $2,$ sold season tickets for a total of $$840,000$ 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

On May $1,$ borrowed $$270,000$ 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.$)$