Question
Current Attempt in Progress Pharoah Quest Games adjusts its accounts annually. The following information is available for the year ended December 31, 2020. 1.
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.
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