Started in 1951, the Little 500 is the premier collegiate cycling event in the nation. It is held every year in Armstrong Stadium on the campus of Indiana University. Teams of four ride laps around a quarter-mile cinder track. Riders continue until they are too tired to continue, at which point the bike is passed on to a teammate. Fraternity, sorority, residence hall, and independent teams (known as "cutters") race to be the first bike to cross the finish line after 500 laps. To date, the race has raised over one million dollars for scholarships. Below is the income statement and balance sheet for the student committee that runs the race. INCOME STATEMENT (for the period ending December 31, 2013) Ticket Revenues $80,000 Concession Revenues 20,000 Expenses Cost of goods sold 9,000 Wage expense 10,000 Scholarship 40,000 expense Rent expense 5,000 Security expense 18,000 Net income $18,000 Current liabilities Accounts payable $18,000 BALANCE SHEET (as of December 31, 2013) Current assets Cash $15,000 Accounts 11,000 receivable Inventory 6,000 Total current assets 32,000 Long-term debt 9,000 Owners' equity Retained earnings Investments 500,000 505,000 Total assets $532,000 Total liabilities & owners' equity $532,000 Prepare Little 500's Journal Entries only for January 1* - April 30. Jan. 15 Collected all of our accounts receivable. Jan. 16 Paid all of our accounts payable. April 18 Purchased $20,000 worth of inventory (food and beverages) on credit. We plan to pay for the inventory in May. April 20 Sold 20,000 tickets in advance. Each ticket costs $7. All were paid for with cash. April 21 Sold 1,000 tickets in advance. Each ticket costs $7. All were purchased with cash. April 25 RACE DAY April 25 Sold concessions for $21,000 cash. The cost of the inventory (food and beverages) sold was $17,000. April 30 Incurred security expense (police) of $25,000. Will pay in May. April 30 Paid wage expense of $12,000 in cash. April 30 Paid rent expense of $6,000 in cash. April 30 Paid scholarship expense of $45,000 in cash. April 30 Purchased $30,000 worth of investments (e.g., stock) with cash