PROBLEM 5.3 Journal entries for revenue and expense recognition Entertainment Ltd will be hosting a concert on 29 August 2019. Entertainment Ltd has the following transactions in August 2019 associated with the concert and its business. Prepare the journal entries (for 1-3) in good form using the most appropriate account titles (as referenced in the table below). Accounts payable Concert equipment Prepaid venue expense Accounts receivable Concert revenue Retained camings Building Long term investment Unearned revenue Cash Note payable Venue expense Cost of goods sold Note receivable Wages expense Transactions: 1 Entertainment Ltd sold 10 000 tickets and collected payment on 1 August for the 29 August concert. Tickets were priced at $50 each. 2 Entertainment Ltd paid 590 000 cash to TEK Arena on 4 August to host the 29 August concert. 3 Entertainment Ltd performed the concert on 29 August. (Note: there are two transactions necessary to be recorded on 29 August.)