Business, 14.06.2021 15:20 sebasm4842

Action Quest Games Inc. adjusts its accounts annually. The following information is available for the year ended December 31, 2018: a. Purchased a one-year insurance policy on June 1, for $2,260 cash.
b. Paid $6,500 on August 31 for five months’ rent in advance.
c. On September 4, received $3,620 cash in advance from a corporation to sponsor a game each month for a total of nine months for the most improved students at a local school.
d. Signed a contract for cleaning services starting December 1, for $1,230 per month. Paid for the first two months on November 30. (Hint: Use the account Prepaid Services to record this prepayment.)
e. On December 5, received $1,530 in advance from a gaming club. Determined that on December 31, $555 of these games had not yet been played.

Required:
For each of the above transactions, prepare the adjusting journal entry that is required on December 31.

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Action Quest Games Inc. adjusts its accounts annually. The following information is available for th...

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