CALCULATOR PRINTER VERSION BACK NE Exercise 4-17 (Part Level Submission) Sunland Games Inc. adjusts its accounts annually. The following information is available for the year ended December 31, 2022 Purchased a 1-year Insurance policy on June 1 for $1,980 cash 2. Paid $6,240 on August 31 for 5 months' rent in advance. 3. On September 4, received 53,510 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 deaning services starting December 1 for $960 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 $1,440 in advance from a gaming club. Determined that on December 31, 5455 of these games had not yet been played. 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 for the amounts. Credit account titles are automatically Indented when the amount is entered. Do not indent manually.) No. Date Account Titles and explanation Credit June 1, 2022 Prepaid Insurance 1980 Debit 1. Cash 1980 Aug. 31, 2022 Prepaid Rent 6240 Cash 6240 3. Cash Sept. 4, 2022 3510 Unearned Service Revenue 3510 4. Nov. 30, 2072 Prepaid Cleaning 1920 Cash 1920 5. 1440 Dec 5, 2022 cash Unearned Service Revenue 1440 For each of the above transactions, prepare the adjusting journal entry that is required on December 31. (Hint: Use the account Service Revenue for item 3 and Maintenance and Repairs Expense for item 4.) (Round answers to decimal places, e... 5,275. If no entry is required, select "No Entry" for the account tities and enter o 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. Dec 31, 2022 Insurance Expense 3155 Prepaid Insurance 1155 2. Dec 31, 2022 Rent Expense 4992 Prepaid Rent 4992 3. Dec 31, 2022 Uneared Service Revenue 1560 Service Revenue 1560 4. Dec 31, 2022 Maintenance and Repairs Expense 985 Prepaid Ceaning 985 5. Dec 31, 2022 Unearned Service Revenue 985 Service Revenue 985 NEA Post the journal entries in parts (a) and (b) to T-accounts and determine the final balance in each account balance. (Note: Posting to the Cash account is not required.) (Round answers to decimal places, e.g. 5,275. Post entries in the order displayed in the problem statement.) Prepaid Insurance Prepaid Rent Unearned Service Revenue Prepaid Cleaning CALCULATOR PRINT Prepaid Cleaning Insurance Expense Rent Expense Service Revenue Maintenance and Repairs Expense Click if you would like to Show Work for this question: Open Show Work
