CALCULATOR PRINTER Exercise 4-17 Blossom Games Inc. adjusts its accounts annually. The following information is available for the year ended December 31, 2022 1. Purchased a 1-year insurance policy on June 1 for $2,520 cash. Paid $7,670 on August 31 for 5 months' rent in advance 3 On September 4, received $4,320 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 $1,180 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 $1,770 in advance from a gaming club. Determined that on December 31, 9560 of these games had not yet been played. Your answer is correct, for each of the above transactions, prepare the journal entry to record the initial transaction. (Il no entry is required, select "No Entry" for the account titles and enter for the amounts, Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Dale Account Titles and Explanation Debit Credit 1 June 1, 2022 Prepaid Insurance 2,520 Cash 2,520 Aug 31, 2022 Prepaid Rent 7,670 Cash 7,670 J. Sept. 4. 2022 Cash 4,320 Uneared Service Revenue 4,320 4 Nov. 30, 2022 Prepaid Cleaning 2,360 Cash 2,360 S Dec. 5, 2022 Cash 1,770 Your answer is correct. For each of the above transactions, prepare the journal entry to record the initial transaction. (If no entry is required, se account titles are automatically indented when the amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit 1. June 1, 2022 Prepaid Insurance 2,520 Cash 2,520 2. Aug. 31, 2022 Prepaid Rent 7,670 Cash 7,670 3. Sept. 4, 2022 Cash 4,320 Unearned Service Revenue 4,320 4. Nov. 30, 2022 Prepaid Cleaning 2,360 Cash 2,360 5. Dec. 5, 2022 V Cash 1,770 earned Service Revenue 1,770 For each of the above transactions, prepare the adjusting journal entry that is required on December 31. (Hint: Use the (Round answers to 0 decimal places, e.g. 5,275. If no entry is required, select "No Entry" for the account ti when the amount is entered. Do not indent manually.) No. Debit Credit Date Account Titles and Explanation Dec. 31, 2022 Insurance Expense 1. 1470 Prepaid Insurance 1470 dy 2. Dec 31, 2022 Rent Expense 6,136 Prepaid Rent 6,136 3. Dec. 31, 2022 Unearned Service Revenue 1,920 Service Revenue 1,920 4. Dec. 31, 2022 Maintenance and Repairs Expense 1,180 Prepaid Cleaning 1,180 5. 1,210 Dec. 31, 2022 Unearned Service Revenue E Service Revenue 1,210 Your answer is partially correct. Try again. Post the journal entries in parts (a) and (b) to T-accounts and determine the final balance e.g. 5,275. Post entries in the order displayed in the problem statement.) Prepaid Insurance June 1 2520 Dec. 31 Adj. 1470 X Dec. 31 Adj. 1470 Dec. 31 Bal. 1050 Prepaid Rent Aug. 31 7670 Dec. 31 Adj. 6136 7670 Dec. 31 Bal. 1534 Unearned Service Revenue Dec. 31 Adj. 1920||| Sept. 4 4320 Dec. 31 Adj. 1210 Dec. 5 1770 x Dec. 31 Bal. v 6090 6090 Prepaid Cleaning Nov. 30 2360 Dec. 31 Adj. 1180 2360 Dec. 31 Bal. 2360 Dec. 31 Adj. 1210 Dec. 5 1770 X Dec. 31 Bal. 6090 6090 Prepaid Cleaning Nov. 30 2360|| Dec. 31 Adj. 1180 X 2360 Dec. 31 Bal. 2360 Insurance Expense X 1470 Dec. 31 Bal. Dec. 31 Adj. 1470 Rent Expense Dec. 31 Adj. 6136 Dec. 31 Bal. 6136 Service Revenue Dec. 31 Bal. 3130 Dec. 31 Adj. 1920 Dec. 31 Adj. 1210 3130 Dec. 31 Bal. 3130 Maintenance and Repairs Expense Dec. 31 Adj. 1180 Dec. 31 Bal. 1180 Click if you would like to Show Work for this question: Open Show Work
