Action Quest Games Inc. adjusts its accounts annually. The following information is available for the year ended December 31, 2017. Purchased a 1-year insurance policy on June 1 for $1, 440 cash. Paid $7,000 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. Signed a contract for clearing services starting December 1 for $1, 150 per month. Paid for the first 2 months on November 30. On December 5, received $1, 250 in advance from a gaming club. Determined that on December 31, $550 of these games had not yet been played. For each of the above transactions, prepare the journal entry to record the Initial transaction