1. 2 Novak Corp. adjusts its accounts annually. The following information is available for the year ended December 31, 2020, Purchased a 1-year insurance policy on June 1 for $2,640 cash. Paid $6,850 on August 31 for 5 months' rent in advance. On September 4, received $2,700 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 $1,100 per month. Paid for the first 2 months on November 30. (Hint: Use the account Prepaid Cleaning to record prepayments) On December 5, received $1.250 in advance from a gaming dub. Determined that on December 31, $550 of these games had not yet been played. 3 4 5. - / 100 IT For each of the above transactions, prepare the journal entry to record the initial transaction. (Credit account titles are automatically indented when the amount is entered. Do not indent manually) Date Account Titles and Explanation Debit Credit e Textbook and Media List of Accounts 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 and Repairs and Maintenance Expense for item 4) Creditcontities are automatically indented when the amount is entered Do not inden manually Debit No. Date Account Titles and Explanation Dec 1 31. Credit 2020 2 Dec 31. 2020 2 Dec 31 2020 De 31 2920 De 21 2000 Textbook and Media 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.) (Post entries in the order displayed in the problem statement.) Prepaid Insurance Prepaid Rent > Unearned Service Revenue > > > Prepaid Cleaning Insurance Expense Rent Expense Service Revenue Maintenance and Repairs Expense e Textbook and Media List of Accounts Attents of