Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Colada Quest Games Inc. adjusts its accounts annually. The following information is available for the year ended December 31. 2021: Purchased a one-year insurance policy
Colada Quest Games Inc. adjusts its accounts annually. The following information is available for the year ended December 31. 2021: Purchased a one-year insurance policy on June 1 for $1,800 cash. Paid $6,500 on August 31 for five months' rent in advance. On September 4, received $3,870 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. Signed a contract for cleaning services starting December 1, for $1.010 per month. Paid for the first two months on November 30. (Hint: Use the account Prepaid Cleaning to record this prepayment.) On December 5, received $1,530 in advance from a gaming club. Determined that on December 31, 5430 of these games had not yet been played. 4. 5. Question 6 of 7 2.23/3 Post the above journal entries to Taccounts 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.) Prepaid Insurance June 1 1800 Dec. 31 Adj. 1050 Dec. 31 Bal Prepaid Rent Aug 31 6500 Dec 31 Adi. 5200 Deferred Revenue Dec. 31 Adj. 1600 Sept. 4 3600 Dec, 5 1500 Prepaid Cleaning Question 6 of 7 2.237 Prepaid Cleaning Dec. 1 Insurance Expense Rent Expense Sponsorship Revenue NIE Repairs and Maintenance Expense Question 6 of 7 2.23/ Dec. 1 Insurance Expense Rent Expense Sponsorship Revenue IND Repairs and Maintenance Expense
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started