Question 2 Action Quest Games Inc. adjusts its accounts annually. The following information is available...
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Question 2 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 $2,760 cash. 2. Paid $6,100 on August 31 for 5 months' rent in advance. 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. 4Signed a contract for cleaning services starting December 1 for $1,050 per month. Paid for the first 2 months on November 30. (Hint: Use the account Prepaid Cleaning to record prepayments.) On December 5, received $1,500 in advance from a gaming club. Determined that on December 31, $450 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 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Date Account Titles and Explanation Debit Credit 2 3. A
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