QUESTION 2

BB Corp is a concert management company. On March 1, 2022 the company collected $4,000,000 cash for eight concerts to be held in Atlantic Canada. The concerts are scheduled for May 12, 13, 19, 20, 26 and 28.

1. Prepare the journal entries (do not write explanations below each journal entry) to record concert revenues and cash received for March 1, May 12, 13, 19 and 20.
2. What is the balance in the current liability account, as of May 21? Prepare the brief balance sheet representation (two or three lines only) to show the liability classification name, the current liability account name and the balance amount on May 21.