Question 3 The following ledger accounts are used by the Clover Race Track: Accounts Receivable Prepaid Printing Prepaid Rent Unearned Revenue Printing Expense Rent Expense Admissions Revenue Concessions Revenue Instructions For each of the following transactions, prepare the journal entry (if one is required) to record the initial transaction and then prepare the adjusting entry, if any, required on September 30, the end of the fiscal year. (a) On September 1, paid rent on the track facility for three months, $240,000. (b) On September 1, sold season tickets totalling $900,000 for admission to the racetrack. The (c) On September 1, borrowed $150,000 from First Provincial Bank by issuing a 12% bank loan (d) On September 5, schedules for 20 racing days in September, 25 racing days in October, and (e) The accountant for the company that operates the concessions (food and drink stands) racing season is year-round with 25 racing days each month payable due in three months 15 racing days in November were printed for S3,000. reported that gross receipts for September were $140,000. Ten percent is due to Clover Race Track and will be paid by October 10