Exercise 4-16 Action Quest Games Inc. adjusts its accounts annually. The following information is available for the year ended December 31, 2017. 1. 2. 3. 4. 5. Purchased a 1-year insurance policy on June 1 for $1,440 cash. Paid $5,800 on August 31 for 5 months' rent in advance. On September 4, received $4,230 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. Signed a contract for cleaning services starting December 1 for $950 per month. Paid for the first 2 months on November 30. (Hint: Use the account Prepaid Cleaning to record prepayments.) On December 5, received $1,400 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 Rev. . Exp. - Prepd. Insur. Cash + Prepd. Rent + Prepd. Clean. 2017 + Unearned Serv. Rev. = Com. Stock + + Div June 1 Aug. 31 Sept. 4 Nov. 30 Dec. 5 LINK TO TEXT 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 Rev. - Exp. - Cash + Prepd. Insur. + Prepd. Rent + Prepd. Clean. = Unearned Serv. Rev. + Com. Stock + Div 2017 Dec. 31 Dec. 31 Dec. 31 Dec. 31 Dec. 31 Click if you would like to Show Work for this question: Open Show Work LINK TO TEXT