Current Attempt in Progress Pharoah Quest Games adjusts its accounts annually. The following information is available for the year ended December 31, 2020. 1. Purchased a 1-year insurance policy on June 1 for $2,340 cash. 2. Paid $6,300 on August 31 for 5 months' rent in advance. 3. 4. 5. On September 4, received $3.420 cash in advance from a company 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 $1,000 per month. Paid for the first 2 months on November 30. (Hint: Use the account Prepaid Cleaning to record prepayments.) On December 5, received $2,000 in advance from a gaming club. Determined that on December 31, $450 of these games had not yet been played.