Prepare the journal entries for all transactions including the 20 transactions during the period and the 5 adjusting journal entries.

Feb 1st – Paid $1,200,000 in cash for insurance upfront for the next 12-month period (2/1/23 to 1/31/24)

Feb 1st – Receive cash from Bruce Springsteen and key E Street Band members and issued them Common Stock in BSEE, $2,000,000

Feb 5th – Received cash in advance for ticket sales related to future concerts, $20,000,000

Feb 15th – Perform concerts, but customers do not pay yet (on account), $8,000,000

Mar 1st – Perform concerts and receive cash from customers, $25,000,000

Mar 1st – Receive cash and issue a Notes Payable with Bank to assist in financing concert tour,

$1,000,000

Mar 15th – Paid employees’ salaries related to concert tours in cash, $4,000,000

Mar 20th – Purchased supplies on account, $150,000

Mar 30th – Collected cash from customers that had been on account, $6,000,000

Apr 7th – Paid advertising costs related to concert tour in cash, $7,500,000

Apr 14th – Paid accounts payable related to prior supplies purchase on March 20th for $150,000

Apr 14th – Paid travel costs related to concert tour in cash, $5,000,000

Apr 18th – Perform concerts and receive cash from customers, $12,000,000

Apr 22nd – Purchased equipment related to concert tour with cash, $500,000

Apr 25th – Perform concerts, but customers do not pay yet (on account), $7,000,000

Apr 28th – Paid employees’ salaries related to concert tours in cash, $4,000,000

April 29th – Collected cash from customers that had been on account, $6,000,000

April 29th – Pay dividends to stockholders in cash, $7,000,000

April 29th - – Pay rent in cash for February to April time period for concert venues, $23,000,000

April 29th – Purchased equipment on account, $1,500,000

Adjusting Entries - 5 transactions at End of Period – Note: 3 months is the February 1, 2023 to April 30, 2023 time period (i.e., 3 months). No prior adjustments have been recorded.

April 30th – Need to record insurance expense for the quarter (i.e., 3 months of the 12 months that were paid for previously and has now expired.)

April 30th – Supplies on hand at end of April = $25,000. Need to record supplies expense for the 3-month period.

April 30th – The Operations team let you know that $18,000,000 of the $20,000,000 of the concerts have been provided and earned in the quarter for customers that had previously paid in advance. Need to record this adjustment.

April 30th – Salaries incurred, but not yet paid at end of April, $2,000,000. Need to record salary accrual adjustment.

April 30th – Notes Payable of $1,000,000 has an interest rate of 6% annually. The interest payment is made 1 time per year on February 28, 2024. Need to record interest expense incurred through the end of April.