Concert Tickets Sold in Advance The Bard produces an outdoor concert festival that runs from June 28, 2017, through July 1, 2017. Concertgoers pay $80 for a four-day pass to the festival, and all 36,000 tickets are sold out by the May 1, 2017, deadline to buy tickets. Assume that the Bard prepares adjustments at the end of each month. Required: 1. Identify and analyze the transaction on May 1, 2017, assuming that all 36,000 tickets are sold on this date. Activity Accounts Statement(s) How does this entry affect the accounting equation? If a financial statement item is not affected, select "No Entry and leave the amount box blank. If the effect on a financial statement item is negative, i.e, a decrease, be sure to enter the answer with a minus sign. Balance Sheet Inc Stockholders' Assets Liabilities Equity Revenues 2. Identify and analyze the adjustment on June 30, 2017 Activity Account Statement(s) How does this entry affect the accounting equation? If a financial statement item is not affected, select "No Entry and leave the amount box blank. If the effect on a financial statement item is negative, le, a decrease, be Accounts Statement(s) How does this entry affect the accounting equation? If a financial statement item is not affected, select "No Entry and leave the amount box blank. If the effect on a financial statement item is negative, ie, a decrease, sure to enter the answer with a minus sign Balance Sheet Stockholders' Equity Assets Liabilities Revenues 3. Identify and analyze the adjustment on July 31, 2017. Activity Accounts Statement(s) How does this entry affect the accounting equation? If a financial statement item is not affected, select "No Entry and leave the amount box blank. If the effect on a financial statement item is negative, le, a decrease, bu sure to enter the answer with a minus sign Balance Sheet Stockholders' Assets Liabilities Equity Revenues ect on a financial statement item is negative, i.e, a decrease, be Income Statement Net Revenues Expenses Income fect on a financial statement item is negative, le, a decrease, be Income Statement Net Revenues Expenses Income