The MRS , professional soccer team, prepares financial statements on a monthly basis. The soccer season begins in May, but in April the team engaged in the following transations.
1 paid $1,500,000 to the municipal stadium as abvance rent for use the facilities for the 6 month period from May 1 through October 31. This payment was initially recorded as prepaid rent.
2.Collected $6,000,000 cash from sale of season tickets for the tieam's home games. The entire amount was initially played several home games at which $750,000 of the season tickess sold in April were used by fans.
I need Prepare the two adjusting entries required on May 31