Exercise 4-16 Action Quest Games Inc. adjusts its accounts annually. The following information is available for the year ended December 31, 2017 1. Purchased a 1-year insurance policy on June 1 for $1,320 cash. 2. Paid $6,100 on August 31 for 5 months' rent in advance. 3. On September 4, received $3,240 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 cleaning services starting December 1 for $1,150 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 $1,600 in advance from a gaming club. Determined that on December 31, $350 of these games had not yet been played Record each of the above transactions in the tabular summary that follows. (If a transaction results in a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Assets - Liabilities + Stockholders' Equity Retained Earnings Prepd Cash +Insur. Prepd Rent Prepd Clean.Serv. Rev.+Stock +Rev.Exp. Unearned Com. 2017 June 1 Aug. 31 Sept. 4 Nov. 30 Dec. 5 1320 132 -61 610 For each of the above transactions, record the adjustment that is required on December 31 in the tabular summary from part (a). (Hint: Use the account Service Revenue for item 3 and Repairs and Maintenance Expense for item 4.) (If a transaction results in a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Assets Liabilities+ Stockholders' Equity Retained Earnings Prepd Prepd. Prepd. Unearned Com. Cash +Insur.+ RentClean. Serv. Rev.+Stock+vExp. Div 2017 Dec. 31 Dec. 31 Dec. 31 Dec. 31 Dec. 31 Insurance Expense Rent Expense Service Revenue Repairs & Maintenance Expense Service Revenue