Brothers Quest Games Inc. adjusts its accounts annually. The following information is available for the...
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Accounting
Brothers Quest Games Inc. adjusts its accounts annually. The following information is available for the year ended December 31, 2021:
For each of the above transactions, prepare the journal entries to record the initial transaction. (List all debit entries before credit entries.
| 1. | Purchased a one-year insurance policy on June 1 for $1,500 cash. | |
| 2. | Paid $6,720 on August 31 for five months rent in advance. | |
| 3. | On September 4, received $3,960 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. | |
| 4. | Signed a contract for cleaning services starting December 1, for $1,090 per month. Paid for the first two months on November 30. (Hint: Use the account Prepaid Cleaning to record this prepayment.) | |
| 5. | On December 5, received $1,370 in advance from a gaming club. Determined that on December 31, $520 of these games had not yet been played. |
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