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

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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

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