Action Quest Games Inc. adjusts its accounts annually. The following information is available for the year ended
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Question:
1. Purchased a 1-year insurance policy on June 1 for $1,440 cash.
2. Paid $5,800 on August 31 for 5 months rent in advance.
3. On September 4, received $4,230 cash in advance from a corporation to sponsor a game each month for a total of 9 months for the most improved students at a local school.
4. Signed a contract for cleaning services starting December 1 for $950 per month. Paid for the first 2 months on November 30.
5. On December 5, received $1,400 in advance from a gaming club. Determined that on December 31, $350 of these games had not yet been played.
For each of the above transactions, prepare the adjusting journal entry that is required on December 31.
Related Book For
Accounting Tools for Business Decision Making
ISBN: 978-1118096895
6th edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
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