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Deferred Revenue Prepaid Cleaning Insurance Expense Post the above journal entries to Taccounts and determine the final balance in each account balance. (Note: Posting to
Deferred Revenue Prepaid Cleaning Insurance Expense 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.) Rent Expense Sponsorship Revenue Repairs and Maintenance Expense Colada Quest Games Inc. adjusts its accounts annually. The following information is available for the year ended December 31,2024: 1. Purchased a one-year insurance policy on June 1 for $2,520 cash. 2. Paid $6,850 on August 31 for five months' rent in advance. 3. On September 4 , received $4,140 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. 4. Signed a contract for cleaning services starting December 1 , for $1,070 per month. Paid for the first two months on November 30 . (Hint: Use the account Prepaid Cleaning to record this prepayment) 5. On December 5 , received $1,530 in advance from a gaming club. Determined that on December 31,$560 of these games had not yet been played
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