Urbana Company follows an accounting policy that treats deferrals as the following: - When the company prepays an expense, it debits that amount to an expense account. - When the company receives payment for future services, it credits the amount to a revenue account. The company uses the following accounts: Cash, Accounts Receivable, Interest Receivable, Prepaid Advertising, Prepaid Interest, Prepaid Rent, Accounts Payable, Interest Payable, Notes Payable, Unearned Ticket Revenue, Ticket Revenue, Interest Revenue, Advertising Expense, Interest Expense, and Rent Expense. Required: Answer the following THREE parts. For each of the transactions below, prepare the original 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 Sentemher 1. naid rent on the track facility for three months. $7.4.000 (b) On September 1, sold season tickets for admission to the racetrack. The racing season is 12 months long with 25 racing days each month. Season ticket sales totaled $168,000. (Hint: This is the company's major business activity.) (c) On September 1, borrowed $60,000 from Busey Bank by issuing a 9% note payable due in three months. (Hint: 9% is the annual interest rate.)