Date | Account Titles and Explanation | Debit | Credit |
Dec. 31 | Insurance expense | $1,015 | |
Prepaid insurance | $1,015 | ||
( To record insurance used) | |||
Dec. 31 | Rent expense | $4,880 | |
Prepaid rent | $4,880 | ||
( To record rent used) | |||
Dec. 31 | Unearned service revenue | $1,400 | |
Service revenue | $1,400 | ||
( To record revenue used) | |||
Dec. 31 | Maintenance and repairs expense | $900 | |
Prepaid cleaning | $900 | ||
( To record maintenance) | |||
Dec. 31 | Unearned service revenue | $1,540 | |
Service revenue | $1,540 | ||
( To record monthly revenue) |
Insurance expense = 1,740 x 7/12
= $1,015
Rent expense = 6,100 x 4/5
= $4,880
Service revenue earned ( for entry 3) = 3,150 x 4/9
= $1,400
Service revenue earned ( for entry 5) = 2,000-460
= $1,540
Kindly comment if you need further assistance.
Thanks‼!
Pharoah Quest Games adjusts its accounts annually. The following information is available for the year ended...
Blossom Quest Games adjusts its accounts annually. The following information is available for the year ended December 31, 2020. 1. Purchased a 1-year insurance policy on June 1 for $1,980 cash. 2. Paid $6,700 on August 31 for 5 months' rent in advance. 3. On September 4, received $3,060 cash in advance from a company 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...
Pharoah Quest Games adjusts its accounts annually. The following information is available for the year ended December 31, 2020. 1. Purchased a 1-year insurance policy on June 1 for $1,740 cash. 2. Paid $6,100 on August 31 for 5 months' rent in advance. 3. On September 4, received $3,150 cash in advance from a company 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...
Action Quest Games Inc. adjusts its accounts annually. The following information is available for the year ended December 31, 2017. Part B Debit/Credit 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 $1,920 cash. 2. Paid $5,600 on August 31 for 5 months rent in advance 3. On September 4, received $3,960 cash in advance from a corporation to...
Current Attempt in Whispering Winds Games Inc. adjusts its accounts annually. The following information is available for the year ended December 31, 2022 1. 2 3. Purchased a 1-year insurance policy on June 1 for $1,740 cash. Paid $5,980 on August 31 for 5 months' rent in advance. On September 4, received $3,330 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....
Crane 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 $1,872 cash. 2. Paid $6,760 on August 31 for 5 months’ rent in advance. 3. On September 4, received $3,744 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...
Exercise 4-16 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 $1,200 cash. 2. Paid $5,000 on August 31 for 5 months' rent in advance. On September 4, received $4,140 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...
Crane 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 $1,872 cash. 2. Paid $6,760 on August 31 for 5 months’ rent in advance. 3. On September 4, received $3,744 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...
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 $6,000 on August 31 for 5 months’ rent in advance. 3. On September 4, received $4,140 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...
Action Quest Games Co. adjusts its accounts annually. The following information is available for the year ended December 31, 2020. 1. Purchased a 1-year insurance policy on June 1 for $1,800 cash. 2. Paid $6,500 on August 31 for 5 months’ rent in advance. 3. On September 4, received $3,600 cash in advance from a company to sponsor a game each month for a total of 9 months for the most improved students at a local school. 4. Signed a...
read instructions clearly 1. 2. 3. Sunland Games Inc. adjusts its accounts annually. The following information is available for the year ended December 31, 2022. Purchased a 1-year insurance policy on June 1 for $1,692 cash. Paid $6,110 on August 31 for 5 months' rent in advance. On September 4, received $3,384 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...