Rock N Roll produces an outdoor concert festival that runs from June 28, 2017, through July 1, 2017. Concertgoers pay $80 for a four-day pass to the festival, and all 10,000 tickets are sold out by May 1st, 2017, deadline to buy tickets. Assume the Rock N Roll prepares adjustments at the end of each month.

1. Identify and analyze the transaction of May 1, 2017, assuming that all 10,000 tickets are sold on this date.

2. Identify and analyze the adjustment on June 30, 2017.

3. Identify and analyze the adjustment on July 31, 2017.