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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

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 $1,800 cash.
2. Paid $6,750 on August 31 for 5 months rent in advance.
3. On September 4, received $3,510 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 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.)
5. On December 5, received $1,200 in advance from a gaming club. Determined that on December 31, $600 of these games had not yet been played.
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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 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

No.

Date

Account Titles and Explanation

Debit

Credit

1.

Aug. 31, 2017Sept. 4, 2017Nov. 30, 2017Dec. 5, 2017June 1, 2017

2.

Nov. 30, 2017Dec. 5, 2017June 1, 2017Aug. 31, 2017Sept. 4, 2017

3.

Aug. 31, 2017Dec. 5, 2017June 1, 2017Nov. 30, 2017Sept. 4, 2017

4.

Dec. 5, 2017June 1, 2017Aug. 31, 2017Sept. 4, 2017Nov. 30, 2017

5.

June 1, 2017Dec. 5, 2017Nov. 30, 2017Aug. 31, 2017Sept. 4, 2017

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