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Brothers Quest Games Inc. adjusts its accounts annually. The following information is available for the year ended December 31, 2021: For each of the above

Brothers Quest Games Inc. adjusts its accounts annually. The following information is available for the year ended December 31, 2021:

For each of the above transactions, prepare the journal entries to record the initial transaction. (List all debit entries before credit entries.

1. Purchased a one-year insurance policy on June 1 for $1,500 cash.
2. Paid $6,720 on August 31 for five months rent in advance.
3. On September 4, received $3,960 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 $1,090 per month. Paid for the first two months on November 30. (Hint: Use the account Prepaid Cleaning to record this prepayment.)
5. On December 5, received $1,370 in advance from a gaming club. Determined that on December 31, $520 of these games had not yet been played.

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