Action quest games adjusts its accounts annually the following information is available for year ended december 31, 2021

WileyPLUS X + https://edugen.wileyplus.com/edugen/student/mainfr.uni Weygandt, Accounting Principles, Eighth Canadian Edition, Volume 1 Not syncing PRINCIPLES OF ACCOUNTING I(ACCI TITO ctice Assignment Gradebook ORION Downloadable eTextbook iment FULL SCREEN PRINTER VERSION 1BACK NEXT Question 12 Action Quest Games adjusts its accounts annually. Assume that any prepaid expenses are initially recorded in asset accounts. Assume that any revenue collected in advance is initially recorded as liabilities. The following information is available for the year ended December 31, 2021: 1. A $3,300 one-year insurance policy was purchased on April 1, 2021. 2. Paid $5,250 on August 31, 2021, for five months' rent in advance. 3. On September 27, 2021, received $3,250 cash from a corporation that sponsors games for the most improved students attending a nearby school. The $3,250 was for 10 games, worth $325 each, that are played on the first Friday of each month starting in October. (Use the Unearned Revenue account.) 4. Signed a contract for cleaning services starting December 1, 2021, for $450 per month. Paid for the first three months on November 30, 2021. (Use Office Expense for the adjusting entry.) 5 On December 15, 2021, sold $970 of gift certificates to a local game club. On December 31, 2021, determined that $410 of these gift certificates had not yet been redeemed. (Use the account Unearned Revenue.) (a) Your answer is correct. For each transaction, prepare the journal entry to record the initial transaction. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) No. Date Account Titles and Explanation Debit Credit 1. Apr. prepaid insurance 3,300 3,300 cash 2. prepaid rent 5,250 5,250 cash 4:56 PM ~ 0 0 ( ) ENG 2021-01-26 O Eli T 2021.01.26 16:54ting Principles, Eighth Canadian Edition, Volume 1 PRINCIPLES OF ly & Practice Assignment Gradebook ORION Downloadable eTextbook Assignment FULL SCREEN PRINTER URCES For each transaction, prepare the adjusting journal entry required on December 31, 2021. (Credit account titles are automatically indented when amo indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) No. Date Account Titles and Explanation Debit Credit 1. Dec. 31 X insurance expense prepaid insurance 2. Dec. 31- rent expense 4,200 prepaid rent 4,200 3. Dec. 31 unearned revenue service revenue 4. Dec. 31 450 tudy prepaid expenses 450 5. Dec. 31 unearned revenue 560 service revenue 560 SHOW LIST OF ACCOUNTS LINK TO TEXT e to search O L 2021.01.26 16:55