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 18,000 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 1. Identity and w e the transaction on May 1, 2017, assuming that all 18,000 tits are sold on this date. Activity Accounts How does this entry affect the accounting equation? If a financial statement item is not affected, select "No Entry and leave the amount box ank. If the effect on a financial statement item is negative, Le, a decrease be sure to enter the newer with a mission Balance She Statement Stockholders Equity Accounts Statements 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 sure to enter the anner with a minus sign Balance Sheet Income Statement Stockholders Liabilities Equity Revenues Identity and analyze the adjustment on July 31, 2017 Accounts tofnandal statement them is not affected, select No Entry and leave the amount bax blank, if the effect on financial statement from is negative, to decrease, be sure to enter the Balance she Income Statement Stockholders Liabilities Equity Revens