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Exercise 4-17 Pina Colada Games Inc. adjusts its accounts annually. The following information is available for the year ended December 31, 2022. 1. 2. 3. 4. 5. Purchased a 1-year insurance policy on June 1 for $1,920 cash. Paid $6,630 on August 31 for 5 months' rent in advance. On September 4, received $3,690 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. Signed a contract for cleaning services starting December 1 for $1,020 per month. Paid for the first 2 months on November 30. (Hint: Use the account Prepaid Cleaning to record prepayments.) On December 5, received $1,530 in advance from a gaming club. Determined that on December 31, $485 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 V Prepaid Insurance 1920 Cash 1920 2. Aug. 31, 2022 V Prepaid Rent 6630 Cash 6630 3. Sept. 4, 2022 Cash 3690 Unearned Service Revenue 3690 4. Nov. 30, 2022 Prepaid Cleaning 1040 Cash 1040 5. Dec. 5, 2022 Cash 1530 Unearned Service Revenue 1530 SHOW LIST OF ACCOUNTS LINK TO TEXT For each of the above transactions, prepare the adjusting journal 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 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. Dec. 31, 2022 Insurance Expense 1530 Prepaid Insurance 1530 2. Dec. 31, 2022 Rent Expense Prepaid Rent 3. Dec. 31, 2022 Unearned Service Revenue Service Revenue 4. Dec. 31, 2022 Maintenance and Repairs Expense Prepaid Cleaning 5. Dec. 31, 2022 Unearned Service Revenue Service Revenue SHOW LIST OF ACCOUNTS LINK TO TEXT 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 0 decimal places, e.g. 5,275. Post entries in the order displayed in the problem statement.) Prepaid Insurance June 1 Dec. 31 Bal. Prepaid Rent Aug. 31 Dec. 31 Adj. Unearned Service Revenue Dec. 31 Adj. Sept. 4 Dec. 31 Adj. Dec. 5 Prepaid Cleaning Nov. 30 Dec. 31 Adj. Insurance Expense Dec. 31 Adj. Rent Expense Dec. 31 Adj. v Service Revenue Dec. 31 Adj. Dec. 31 Adj. Dec. 31 Bal. Maintenance and Repairs Expense Maintenance and Repairs Expense Dec. 31 Adj. Click if you would like to Show Work for this question: Open Show Work

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