Sunland Games Inc. adjusts its accounts annually, The following information is available for the year ended...
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Sunland Games Inc. 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 $1,980 cash. Paid $6,240 on August 31 for 5 months' rent in advance. On September 4, received $3.510 cash in advance from a corporation to sponsor a game each month for a total of 9 months for the most improved 2. 3. students at a local school. Signed a contract for cleaning services starting December 1 for $960 per month. Paid for the first 2 months on November 30. (Hint: Use the account 4. Prepaid Cleaning to record prepayments.) 5. On December 5, received $1,440 in advance from a gaming club. Determined that on December 31, $455 of these games had not yet been played, For each of the above transactions, prepare the journal entry to record the initial transaction. (IF no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically Indented when the amount is entered. Do not Indent manually.) No. Date Account Titles and Explanation Debit Credit 1. June 1, 2022 vPrepaid Insurance 1980 Cash 1980 Aug. 31, 2022 Prepaid Rent 6240 Cash 6240 3. Sept. 4, 2022 v Cash 3510 Unearned Service Revenue 3510 Nov. 30, 2022 Prepaid Cleaning 1920 4. 1920 Cash 5. Dec. 5, 2022 cash 1440 Unearned Service Revenue 1440 For each of the above transactions, prepare the adjusting Jourmal entry that is required on December 31. (Hint: Use the account Service Revenue for item 3 and Maintenance and Repairs Expense for item 4.) (Round answers to o decimal places, e.g. 5,275. If no entry is required, select "No Entry" for the account tities and enter O for the amounts. Credit account titles are automatically Indented when the amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit 1. Dec. 31, 2022 Insurance Expense 1155 Prepaid Insurance 1155 2. Dec. 31, 2022 Rent Expense 4992 Prepaid Rent 4992 3. Dec. 31, 2022 Junearned Service Revenue 1560 Service Revenue 1560 4. Dec. 31, 2022 Maintenance and Repairs Expense Prepaid Ceaning 985 5. Dec. 31, 2022 unearned Service Revenue 985 Service Revenue 985 NEAT (c) Post the journal entries in parts (a) and (b) to T-accounts and determine the final balance in each account balance. (Note: Posting to the Cash account is not required.) (Round answers to o decimal places, e.g. 5,275. Post entries in the order displayed in the problem statement.) Prepaid Insurance Prepaid Rent Unearned Service Revenue Prepaid Cleaning CALCULATOR PRINT Prepald Cleaning Insurance Expense Rent Expense Service Revenue Maintenance and Repairs Expense Click if you would like to Show Work for this question: Open Show Work Sunland Games Inc. 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 $1,980 cash. Paid $6,240 on August 31 for 5 months' rent in advance. On September 4, received $3.510 cash in advance from a corporation to sponsor a game each month for a total of 9 months for the most improved 2. 3. students at a local school. Signed a contract for cleaning services starting December 1 for $960 per month. Paid for the first 2 months on November 30. (Hint: Use the account 4. Prepaid Cleaning to record prepayments.) 5. On December 5, received $1,440 in advance from a gaming club. Determined that on December 31, $455 of these games had not yet been played, For each of the above transactions, prepare the journal entry to record the initial transaction. (IF no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically Indented when the amount is entered. Do not Indent manually.) No. Date Account Titles and Explanation Debit Credit 1. June 1, 2022 vPrepaid Insurance 1980 Cash 1980 Aug. 31, 2022 Prepaid Rent 6240 Cash 6240 3. Sept. 4, 2022 v Cash 3510 Unearned Service Revenue 3510 Nov. 30, 2022 Prepaid Cleaning 1920 4. 1920 Cash 5. Dec. 5, 2022 cash 1440 Unearned Service Revenue 1440 For each of the above transactions, prepare the adjusting Jourmal entry that is required on December 31. (Hint: Use the account Service Revenue for item 3 and Maintenance and Repairs Expense for item 4.) (Round answers to o decimal places, e.g. 5,275. If no entry is required, select "No Entry" for the account tities and enter O for the amounts. Credit account titles are automatically Indented when the amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit 1. Dec. 31, 2022 Insurance Expense 1155 Prepaid Insurance 1155 2. Dec. 31, 2022 Rent Expense 4992 Prepaid Rent 4992 3. Dec. 31, 2022 Junearned Service Revenue 1560 Service Revenue 1560 4. Dec. 31, 2022 Maintenance and Repairs Expense Prepaid Ceaning 985 5. Dec. 31, 2022 unearned Service Revenue 985 Service Revenue 985 NEAT (c) Post the journal entries in parts (a) and (b) to T-accounts and determine the final balance in each account balance. (Note: Posting to the Cash account is not required.) (Round answers to o decimal places, e.g. 5,275. Post entries in the order displayed in the problem statement.) Prepaid Insurance Prepaid Rent Unearned Service Revenue Prepaid Cleaning CALCULATOR PRINT Prepald Cleaning Insurance Expense Rent Expense Service Revenue Maintenance and Repairs Expense Click if you would like to Show Work for this question: Open Show Work Sunland Games Inc. 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 $1,980 cash. Paid $6,240 on August 31 for 5 months' rent in advance. On September 4, received $3.510 cash in advance from a corporation to sponsor a game each month for a total of 9 months for the most improved 2. 3. students at a local school. Signed a contract for cleaning services starting December 1 for $960 per month. Paid for the first 2 months on November 30. (Hint: Use the account 4. Prepaid Cleaning to record prepayments.) 5. On December 5, received $1,440 in advance from a gaming club. Determined that on December 31, $455 of these games had not yet been played, For each of the above transactions, prepare the journal entry to record the initial transaction. (IF no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically Indented when the amount is entered. Do not Indent manually.) No. Date Account Titles and Explanation Debit Credit 1. June 1, 2022 vPrepaid Insurance 1980 Cash 1980 Aug. 31, 2022 Prepaid Rent 6240 Cash 6240 3. Sept. 4, 2022 v Cash 3510 Unearned Service Revenue 3510 Nov. 30, 2022 Prepaid Cleaning 1920 4. 1920 Cash 5. Dec. 5, 2022 cash 1440 Unearned Service Revenue 1440 For each of the above transactions, prepare the adjusting Jourmal entry that is required on December 31. (Hint: Use the account Service Revenue for item 3 and Maintenance and Repairs Expense for item 4.) (Round answers to o decimal places, e.g. 5,275. If no entry is required, select "No Entry" for the account tities and enter O for the amounts. Credit account titles are automatically Indented when the amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit 1. Dec. 31, 2022 Insurance Expense 1155 Prepaid Insurance 1155 2. Dec. 31, 2022 Rent Expense 4992 Prepaid Rent 4992 3. Dec. 31, 2022 Junearned Service Revenue 1560 Service Revenue 1560 4. Dec. 31, 2022 Maintenance and Repairs Expense Prepaid Ceaning 985 5. Dec. 31, 2022 unearned Service Revenue 985 Service Revenue 985 NEAT (c) Post the journal entries in parts (a) and (b) to T-accounts and determine the final balance in each account balance. (Note: Posting to the Cash account is not required.) (Round answers to o decimal places, e.g. 5,275. Post entries in the order displayed in the problem statement.) Prepaid Insurance Prepaid Rent Unearned Service Revenue Prepaid Cleaning CALCULATOR PRINT Prepald Cleaning Insurance Expense Rent Expense Service Revenue Maintenance and Repairs Expense Click if you would like to Show Work for this question: Open Show Work Sunland Games Inc. 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 $1,980 cash. Paid $6,240 on August 31 for 5 months' rent in advance. On September 4, received $3.510 cash in advance from a corporation to sponsor a game each month for a total of 9 months for the most improved 2. 3. students at a local school. Signed a contract for cleaning services starting December 1 for $960 per month. Paid for the first 2 months on November 30. (Hint: Use the account 4. Prepaid Cleaning to record prepayments.) 5. On December 5, received $1,440 in advance from a gaming club. Determined that on December 31, $455 of these games had not yet been played, For each of the above transactions, prepare the journal entry to record the initial transaction. (IF no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically Indented when the amount is entered. Do not Indent manually.) No. Date Account Titles and Explanation Debit Credit 1. June 1, 2022 vPrepaid Insurance 1980 Cash 1980 Aug. 31, 2022 Prepaid Rent 6240 Cash 6240 3. Sept. 4, 2022 v Cash 3510 Unearned Service Revenue 3510 Nov. 30, 2022 Prepaid Cleaning 1920 4. 1920 Cash 5. Dec. 5, 2022 cash 1440 Unearned Service Revenue 1440 For each of the above transactions, prepare the adjusting Jourmal entry that is required on December 31. (Hint: Use the account Service Revenue for item 3 and Maintenance and Repairs Expense for item 4.) (Round answers to o decimal places, e.g. 5,275. If no entry is required, select "No Entry" for the account tities and enter O for the amounts. Credit account titles are automatically Indented when the amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit 1. Dec. 31, 2022 Insurance Expense 1155 Prepaid Insurance 1155 2. Dec. 31, 2022 Rent Expense 4992 Prepaid Rent 4992 3. Dec. 31, 2022 Junearned Service Revenue 1560 Service Revenue 1560 4. Dec. 31, 2022 Maintenance and Repairs Expense Prepaid Ceaning 985 5. Dec. 31, 2022 unearned Service Revenue 985 Service Revenue 985 NEAT (c) Post the journal entries in parts (a) and (b) to T-accounts and determine the final balance in each account balance. (Note: Posting to the Cash account is not required.) (Round answers to o decimal places, e.g. 5,275. Post entries in the order displayed in the problem statement.) Prepaid Insurance Prepaid Rent Unearned Service Revenue Prepaid Cleaning CALCULATOR PRINT Prepald Cleaning Insurance Expense Rent Expense Service Revenue Maintenance and Repairs Expense Click if you would like to Show Work for this question: Open Show Work
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Adjusthing Entries n Dec91 2017 Fransacti on Acrountond Bxplamatiom Dobit Gedit 1 Insuran... View the full answer
Related Book For
Accounting What the Numbers Mean
ISBN: 978-0078025297
10th edition
Authors: David H. Marshall, Wayne W. McManus, Daniel F. Viele
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