Exercise 4.3 (Static) Preparing Adjusting Entries to Convert an Asset to an Expense and to Convert a Liability to Revenue (LO4-1, LO4-2, LO4-3, LO4-4, LO4-5, LO4-6, LO4-7) The Greenville Cruisers, a professional roller derby team, prepares financial statements on a monthly basis. The roller derby season begins in February, but in January, the team engaged in the following transactions: 1. Paid $28,000 to the Greenville Roller Rink as advance rent for use of the facilities for the 4 -month period from February 1 through May 31. This payment was initially recorded as Prepaid Rent. 2. Collected $120,000 cash from the sale of season tickets for the team's home games. The entire amount was initially recorded as Unearned Ticket Revenue. During the month of February, the team skated several home events at which $25,500 of the season tickets sold in January were used by fans. Required: Prepare the two adjusting entries required on February 28 Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Note: Enter oedics perore creara Exercise 4.3 (Static) Preparing Adjusting Entries to Convert an Asset to an Expense and to Convert a Liability to Revenue (LO4-1, LO4-2, LO4-3, LO4-4, LO4-5, LO4-6, LO4-7) The Greenville Cruisers, a professional roller derby team, prepares financial statements on a monthly basis. The roller derby season begins in February, but in January, the team engaged in the following transactions: 1. Paid $28,000 to the Greenville Roller Rink as advance rent for use of the facilities for the 4 -month period from February 1 through May 31 . This payment was initially recorded as Prepaid Rent. 2. Collected $120,000 cash from the sale of season tickets for the team's home games. The entire amount was initially recorded as Unearned Ticket Revenue. During the month of February, the team skated several home events at which $25,500 of the season tickets sold in January were used by fans. Required: Prepare the two adjusting entries required on February 28. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Record the earned portion of season ticket revenue relating to home skating events in February. Note: Enter debits before credits