The Toronto Huskies, a semi-professional basketball team, prepares financial statements on a monthly basis. Their season begins in October, but in September the team engaged in the following transactions:

1. Paid $540,000 on September 15, 2020 to MLSE Corp. as advance rent for use of the Varsity Arena for the six-month period October 1, 2020 through March 30, 2021.

2. Collected $432,000 cash on September 20 during a sales blitz for season tickets for the team's 36 home games. This amount was credited to Unearned Revenue.

During the month of October, the Toronto Huskies played eight home games and five road games.

Instructions

Prepare the journal entries for September and the adjusting entries required at October 31 for the transactions above.