Instructions Rock N Roll produces an outdoor concert festival that runs from June 28, 2016, through July 1, 2016. Concertgoers pay $80 for a four-day pass to the festival, and all 10,000 tickets are sold out by the May 1, 2016, deadline to buy tickets. Assume that Rock N Roll prepares adjusting entries at the end of each month. Required: 1. Prepare the journal entry on May 1, 2016, assuming that all 10,000 tickets are sold on this date. 2. Prepare the adjusting entry on June 30, 2016 3. Prepare the adjusting entry on July 31, 2016. Chart of Accounts x ASSETS REVENUE 111 Cash 411 Concert Festival Fees Revenue 121 Accounts Receivable 141 Inventory EXPENSES 500 Cost of Goods Sold 152 Prepaid Insurance 154 Office Supplies on Hand 521 Salaries and Wages Expense 174 Equipment 532 Utilities Expense 179 Accumulated Depreciation 533 Insurance Expense 534 Rent Expense LIABILITIES 537 Office Supplies Expense 541 Depreciation Expense 551 Advertising Expense 211 Accounts Payable 231 Salaries and Wages Payable 235 Notes Payable 250 Customer Deposits 559 Miscellaneous Expenses 810 Interest Expense 261 Income Taxes Payable 910 Income Tax Expense EQUITY 311 Capital Stock 331 Retained Earnings General Journal 1. Prepare the journal entry with the impact on the financial statements on May 1, 2016, assuming that all 10,000 tickets are sold on this date. General Journal instructions PAGE 1 IMPACT ON FINANCIAL STATEMENTS GENERAL JOURNAL BALANCE SHEET INCOME STATEMENT DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY REVENUE EXPENSES NET INCOME 1 2 2. Prepare the adjusting entry with the impact on the financial statements on June 30, 2016. PAGE 1 IMPACT ON FINANCIAL STATEMENTS GENERAL JOURNAL BALANCE SHEET INCOME STATEMENT DATE POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY REVENUE EXPENSES NET INCOME ACCOUNT TITLE Adjusting Entries 1 2 3 3. Prepare the adjusting entry with the impact on the financial statements on July 31, 2016. PAGE 1 IMPACT ON FINANCIAL STATEMENTS GENERAL JOURNAL BALANCE SHEET INCOME STATEMENT DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY REVENUE EXPENSES NET INCOME 1 Adjusting Entries 2 3