a)

b)

c) Post the above journal entries to T accounts and determine the final balance in each account balance. (Note: Posting to the Cash account is not required.

Flint Inc. adjusts its accounts annually. The following information is available for the year ended December 31,20XX. 1. Purchased a one-year insurance policy on June 1 for $2,040 cash. 2. Paid $6,900 on August 31 for five months' rent in advance. 3. On September 4, received $3,420 cash in advance from a corporation to sponsor a game each month for a total of nine months for the most improved students at a local school. 4. Signed a contract for cleaning services starting December 1 for $1,080 per month. Paid for the first 2 months on November 30. (Hint: Use the account Prepaid Expenses to record prepayments.) 5. On December 5, received $1,660 in advance from a gaming club. Determined that on December 31,$425 of these games hac 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.) 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 Repairs and Maintenance Expense for item 4.) (Round answers to 0 decimal places, e.g. 5,275. 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.)