Prepare the journal entry (if one is required) to record the initial transactions and then prepare the adjusting entry, if any a required on November 30, the end of the fascia year.

a) on November.1 , paid rent on the track facility for three month, $10500.

b) on November.1, sold season tickets for admission to the race track. The racing season is year round with 25 racing days each month. Season ticket sale totalled $90000.

c) on November.1 , borrowed $150,000 from their bank by issuing a 6% note payable due in three months. Interest is payable at maturity.

d) on November. 5, schedule for racing days in November.25 , racing days in December and 15 racing days in January were printed for $3000.

e) the accountant for the concession company reported the gross receipts for November were $140,000. Ten percent is due to shawanda and will be remitted by December 10.