Answered step by step
Verified Expert Solution
Question
1 Approved Answer
fill the chart accordingly Larkspur Games Inc. adjusts its accounts annually. The following information is available for the year ended December 31,2025. 1. Purchased a
fill the chart accordingly
Larkspur Games Inc. adjusts its accounts annually. The following information is available for the year ended December 31,2025. 1. Purchased a 1-year insurance policy on June 1 for $1,620 cash. 2. Paid $5,720 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 $880 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 $1,320 in advance from a gaming club. Determined that on December 31,$420 of these games had not yet been played. Prepaid Insurance \begin{tabular}{|} \hline 945 \\ \hline \hline 675 \\ \hline \\ \hline \\ \hline 4576 \\ \hline \end{tabular} Unearned Service Revenue Prepaid Cleaning \begin{tabular}{lll|} \hline Sept.4 & V & 1440 \\ \hline \end{tabular} Insurance Expense Rent Expense Larkspur Games Inc. adjusts its accounts annually. The following information is available for the year ended December 31,2025. 1. Purchased a 1-year insurance policy on June 1 for $1,620 cash. 2. Paid $5,720 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 $880 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 $1,320 in advance from a gaming club. Determined that on December 31,$420 of these games had not yet been played. Prepaid Insurance \begin{tabular}{|} \hline 945 \\ \hline \hline 675 \\ \hline \\ \hline \\ \hline 4576 \\ \hline \end{tabular} Unearned Service Revenue Prepaid Cleaning \begin{tabular}{lll|} \hline Sept.4 & V & 1440 \\ \hline \end{tabular} Insurance Expense Rent Expense Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started