The Rockford Rollers, a professional roller derby team, prepares financial statements on a monthly basis. The roller derby season begins in February, but in January, the team engaged in the following transactions: 

1. Paid $33,000 to the Sunbury Skating Rink as advance rent for use of the facilities for the 6-month period from February  1 through July 31. This payment was initially recorded as Prepaid Rent. 

2. Collected $45,000 cash from the sale of season tickets for the team’s home games. The entire amount was initially recorded as Unearned Ticket Revenue. During the month of February, the team skated several home events at which $7,000 of the season tickets sold in January were used by fans. Prepare the two adjusting entries required on May 31.