Action Quest Games Inc. adjusts its accounts annually. The following information is available for the year ended December 31, 2017. 1. 2. 3. Purchased a 1-year insurance policy on June 1 for $1,080 cash. Paid $5,000 on August 31 for 5 months' rent in advance. On September 4, received $2,700 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 cleaning services starting December 1 for $800 per month. Paid for the first 2 months on November 30. (Hint: Use the account Prepaid Cleaning to record prepayments.) On December 5, received $1,200 in advance from a gaming club. Determined that on December 31, $350 of these games had not yet been played. 4. 5. Record each of the above transactions in the tabular summary that follows. (If a transaction results in a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Assets Liabilities Prepd. Insur. Stockholders' Equity Retained Earnings Rev. Exp. Prepd. Rent Prepd. Unearned Serv. Rev. 2017 Cash Clean. Com. Stock Div June 1 Aug. 31 Sept. 4 Nov. 30 Dec. 5 For each of the above transactions, record the adjustment that is required on December 31 in the tabular summary from part (a). (Hint: Use the account Service Revenue for item 3 and Repairs and Maintenance Expense for item 4.) (If a transaction results in a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Assets Liabilities Stockholders' Equity Retained Earnings Rev. Exp. Prepd. Insur. Prepd. Unearned Serv. Rev. Cash Prepd. Clean. 2017 Com. Stock Rent + Div Dec. 31 Dec. 31 Dec. 31 Dec. 31 Dec. 31