FLU, ISO 2) A TILLIU Salaries owed. Record supplies used. E3-4 Action Quest Games initially records all prepaid costs as assets and all revenue collected in Prepare a advance as liabilities. The following information is available for the year ended December 31, 2008: property 1. Purchased a one-year insurance policy on June 1, 2008, for $4,740 cash. 2. On September 15, 2008, received $3,600 cash from a corporation that sponsors a game each month for the most improved students attending a nearby school. The $3,600 was for nine ses- sions of playing the game on the first Friday of each month. The first month was October. (Use the account Unearned Revenue.) 3. On November 1, 2008, paid $6,875 for five months of rent in advance. 4. Signed a contract for cleaning services starting December 1, 2008, for $1,050 per month. Paid for the first three months on December 1. 5. During the year, sold $1,250 of gift certificates. Determined that on December 31, 2008, 5475 of these gift certificates had not yet been redeemed. (Use the account Unearned Gift Certificate Sales.) Instructions (a) For each transaction, prepare a journal entry to record the initial transaction. (b) For each transaction, prepare the adjusting journal entry required on December 31, 2008. (c) Post each of these entries to T accounts and calculate the final balance in each account. (Note: Posting to the Cash account is not necessary)