Action Quest Games Inc. adjusts its accounts annually. The following information is available for the year ended December 31, 2018:

1.		Purchased a one-year insurance policy on June 1, for $2,260 cash.
2.		Paid $6,500 on August 31 for five months rent in advance.
3.		On September 4, received $3,620 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 $1,230 per month. Paid for the first two months on November 30. (Hint: Use the account Prepaid Services to record this prepayment.)
5.		On December 5, received $1,530 in advance from a gaming club. Determined that on December 31, $555 of these games had not yet been played.

For each of the above transactions, prepare the journal entries to record the initial transaction. (Credit account titles are automatically indented when the 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. Record journal entries in the order presented in the problem.) For each of the above transactions, prepare the adjusting journal entry that is required on December 31. (Hint: Use the account Sponsorship Revenue for item 3 and Repairs and Maintenance Expense for item 4.) (Credit account titles are automatically indented when the 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. Round answers to 0 decimal places, e.g. 5,275.) 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.) (Post entries in the order of journal entries presented in the previous question.)