Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. sunland games inc. adjusts its accounts annually.

Sunland Games Inc. adjusts its accounts annually. The following information is available for the year...

90.2K

Verified Solution

Question

Accounting

image
image
Sunland Games Inc. adjusts its accounts annually. The following information is available for the year ended December 31 , 2025 . 1. Purchaed a 1-year insurance policy on June 1 for $1,980 cash. 2. Paid $6,240 on August 31 for 5 months' rent in advance. 3. 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 students at a local school. 4. 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 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 vet been played. (a) For each of the above transactions, prepare the journal entry to record the initial transaction. (List all debit entries before creditentries. If no entry is required, seifect "No Entory for the account tities ond enter o for the amounte No. Date Account Titles and Explanation 1. June 1, 2025 Aug. 31, 2025 Sept. 4, 2025 2. Nov. 30, 2025 Deci. 5, 2025 3. 5

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Biology
1.2K views

An E. coli mutant isolated is simultaneously unable to utilize a large number of sugars, e.g....

Medical Sciences
1.2K views

David, a 55 year old high school teacher is a heavy smoker with really poor eating...

Physics
1.2K views

Two tram cars are kept at 4 km and 9 km radially from a distribution...

Physics
1.2K views

O Question No 4 O Each Question has FOUR options A B C and D...

Basic Math
1.2K views

OINTS A QUESTION ON A PROFICIENCY TEST IS MULTIPLE CHOICE WITH FOUR POSSIBLE ANSWERS ONE...

Basic Math
1.2K views

True or false 1 4 of 0 is still 0 True False

Basic Math
1.2K views

The volume V of a liquid in a spherical tank of radius related to the...

Basic Math
1.2K views

The Internal Revenue Service claims that the mean wait time for callers during a recent...

Accounting
1.2K views

ABC Company estimates the following data for the coming month Total...

Accounting
1.2K views

On January 1,2019, Smalls, Inc. issued $60,000 of its 12-year 10% bonds for $52,584. a....

Accounting
1.2K views

1) Andy, Jim and Dwight are starting a professional paper shredding company, and they are...

Finance
1.2K views

Here are the abbreviated financial statements for Planners Peanuts: Income Statement, 2015 Sales $2,580 Costs...