Instructions Complete the following table to correct the financial statement amounts shown (indicate deductions with parentheses). Net Owner's Item Income Total Assets Total Liabilities Equity Incorrect amounts $70,000 $150,000 $70,000 $80,000 Effects of: Salaries and wages Rent revenue Depreciation Correct balances E3.15 (LO 2), AP Action Quest Games Co. adjusts its accounts annually. The following information is available for the year ended December 31, 2022. 1. Purchased a 1-year insurance policy on June 1 for $1,800 cash. 2. Paid $6,500 on August 31 for 5 months' rent in advance. 3. On September 4, received $3,600 cash in advance from a company 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 $1,000 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 $1,500 in advance from a gaming club. Determined that on December 31, $475 of these games had not yet been played