REAL REGINA EXHIBITION ASSOCIATION LIMITED 1. REAL currently outsources its food and beverage (F&B) operations to an outside company ("Levy"). Levy has a fiscal period that follows the "4-4-5" pattern (ie: within a fiscal quarter, the 1st and 2nd periods have 4 weeks, and the 3rd period has 5 weeks); while REAL follows the calendar month and year as its fiscal periods. Real records its F&B revenue based on the sales information provided by Levy. For the December month-end close, you have received the following sales information. Please prepare the journal entries that are needed and summarize the total F&B revenue for December. (For the journal entries, please indicate the date, what type of account, debit/credit amounts, and reversing/non-reversing.) Levy F&B Sales Reporting REAL Event Sports Games Sports Games Sports Games Concert Catering Sports Games ESTABLISHED Period 2 Period 3 REAL's fiscal periods October November December Date 11/30/2023 12/2/2023 12/8/2023 12/9/2023 12/17/2023 12/30/2023 12/31/2023 Dec 1-Dec 31 Food Alcohol $38,520 $116,491 $10,361 $9,632 $8,950 $8,171 $9,162 $8,126 $37,827 $292,862 $12,987 $410,669 $192,477 As a reference, the following tables show the fiscal periods for Levy and REAL Levy's fiscal periods period ends Period 1 period starts 2023-10-01 2023-10-29 2023-11-26 $16,260 $24,192 $9,605 period starts 2023-10-28 2023-11-25 2023-12-30 period ends Total $155,011 $19,993 $17,121 $17,288 2023-10-01 2023-10-31 2023-11-01 2023-11-30 2023-12-01 2023-12-31 $54,087 $317,054 $22,592 $603,146 REAL REGINA EXHIBITION ASSOCIATION LIMITED ESTABLISHED 2. REAL sells certain building naming rights and advertising opportunities within the REAL campus to various organizations. We have just received a cheque of $100,000 from "Sponsor A" in December 2023 for a brand new 2-year sponsorship agreement that starts in January 2024. The cheque amount covers the first 3 months and the remaining 21 months will be paid 100,000 every quarter until the end of the contract. a. Please prepare the journal entries that are needed for December 2023. b. Please prepare the journal entries that are needed for January 2024.