Transactions for Torn Petty Company for the month of October are presented below. Journalize each transaction and identify each transaction by number. You may omit journal explanations. Invested $40,000 cash in the business in exchange for stock. Purchased land costing $28,00 for cash. Purchased equipment costing $15,000 for $3,000 cash and the remainder on credit. Purchased supplies on account for $800. Paid $1,000 for a one-year insurance policy. Received $3,000 cash for services performed. Received $4,000 for services previously performed on account. Paid wages to employees for $2, 500. Paid dividends of $2,000. The following ledger accounts are used by the Sebastopol Dog Track: Accounts Receivable Prepaid Advertising Prepaid Rent Unearned Ticket Revenue Advertising Expense Rent Expense Ticket Revenue Sales Revenue Instructions For each of the following transactions below, prepare the journal enter (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. On September 1, paid rent on the track facility for three months, $210,000. On September 1, sold season tickets for admission to the racetrack. The racing season is year-round with 25 racing days each month. Season ticket sales totaled $900,000. On September 1, borrowed $350,000 from First National Bank by issuing a 9% note payable due in three months. On September 5, programs for 20 racing days in September, 25 racing days in October, and 15 racing days in November were printed for $3, 600. The accountant for the concessions company reported that gross receipts for September were $150,000. Ten percent is due to the track and will be remitted by October 10.

Ticker services began operations in 2015 and maintains long-term investments in available-for-sale securities. the year-end cost and fair values for its portfolio of these investments follow. portfolio of available-for-sale securities cost fair valuedecember 31, 2015 $ 369,060 $ 357,988 december 31, 2016 420,728 445,972 december 31, 2017 572,190 676,901 december 31, 2018 864,007 768,966 prepare journal entries to record each year-end fair value adjustment for these securities. calculation adjustment required to fair value adjustment.12/31/15 existing balance in fair value adjustment-afs (lt) required balance in fair value adjustment-afs (lt) adjustment required to fair value adjustment-afs (lt) 12/31/16 existing balance in fair value adjustment-afs (lt) required balance in fair value adjustment-afs (lt) adjustment required to fair value adjustment-afs (lt) 12/31/17 existing balance in fair value adjustment-afs (lt) required balance in fair value adjustment-afs (lt) adjustment required to fair value adjustment-afs (lt) 12/31/18 existing balance in fair value adjustment-afs (lt) required balance in fair value adjustment-afs (lt) adjustment required to fair value adjustment-afs (lt) record the year-end adjusting entry for the securities portfolio as of december 31, 2015.date general journal debit creditdec 31, 2015 record the year-end adjusting entry for the securities portfolio as of december 31, 2016.date general journal debit creditdec 31, 2016 record the year-end adjusting entry for the securities portfolio as of december 31, 2017.date general journal debit creditdec 31, 2017 record the year-end adjusting entry for the securities portfolio as of december 31, 2018.date general journal debit creditdec 31, 2018