- For each of the following transactions below, prepare the journal entry (if one is required) to record the initial transaction and then prepare the adjusting entry, if any, required on September 30, the end of the fiscal year. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) (a) On September 1, paid rent on the track facility for three months. $210,000. (b) On September 1, sold season tickets for admission to the racetrack. The racing season is year-round with 25 racing days each month. Season ticket sales totaled $900.000. (c) On September 1, borrowed $350,000 from First National Bank by issuing a 9% note payable due in three months. (d) On September 5. programs for 20 racing days in September, 25 racing days in October, and 15 racing days in November were printed for $3,600. (e) The accountant for the concessions company reported that gross receipts for September were $150.000. Ten percent is due to the track and will be remitted by October 10. Debit Credit No. Account Titles and Explanation (a) Journal Entry: 210000 Prepaid Rent No. Account Titles and Explanation (a) Journal Entry: Debit Credit Prepaid Rent 210000 cash 210000 Adjusting Entry Rent Expense 70000 Prepaid Rent 70000 (b) Journal Entry: Cash 900000 900000 Adjusting Entry: 75000 75000 = (c) Journal Entry: Cash 350000 Notes Payable Adjusting Entry: 350000 Interest Expense 2625 Interest Payable 2625 (d) Journal Entry: 3600 3600 Adjusting Entry: 1200 C 1200 (e) lournal Entry (d) Journal Entry: 3600 3600 Adjusting Entry: 1200 1200 (e) Journal Entry: Adjusting Entry: 15000 15000