Exercise 4-17 (Part Level Submission)

Action Quest Games Inc. adjusts its accounts annually. The following information is available for the year ended December 31, 2017.

1.		Purchased a 1-year insurance policy on June 1 for $2,280 cash.
2.		Paid $5,900 on August 31 for 5 months rent in advance.
3.		On September 4, received $3,060 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 $1,200 per month. Paid for the first 2 months on November 30. (Hint: Use the account Prepaid Cleaning to record prepayments.)
5.		On December 5, received $1,650 in advance from a gaming club. Determined that on December 31, $400 of these games had not yet been played.

For each of the above transactions, prepare the journal entry to record the initial transaction.