H M 1 On 9/1/19, Chancelors Performance Company received $480,000 in advance payments for 2-year open admissions to its monthly concerts and recorded the entire amount as Performance Revenue. What adjustment will Chancelors need to make at 12/31/19? What adjustment will Chancelors make at 12/31/20? 2 On 11/1/20, Loring Company purchased a new machine for $100,000, paying $40,000 cash and signing a 6-month, 5% note for the balance. What adjusting entry will Loring make at 12/31/20? What entry will Loring make when the note is paid on 5/1/21