I understand Part A but I am confused about Part B.

**FOR OUR CLASS, OUR PROFESSOR IS NOT TEACHING US ANYTHING ABOUT CREDITS/DEBITS**

CALCULATOR PRINTER VERSION BACK NEXI 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 $1,080 cash. Paid $6,450 on August 31 for 5 months' rent in advance. On September 4, received $3,870 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 $1,050 per month. Paid for the first 2 months on November 30. (Hint: Use the account Prepaid Cleaning to record prepayments.) On December 5, received $1,550 in advance from a gaming club. Determined that on December 31, $400 of these games had not yet been played. Your answer is correct. 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. - Cash + Prepd. Insur. Prepd. Rent Prepd. Clean. Com. Stock + Unearned Serv. Rev. + = + + 2017 June 17 2080 Aug. 31 -6,450 6450 T Sept. 47 Nov. 30 2100 Dec. 51 1550 SHOW ANSWER LINK TO TEXT Your answer is partially correct. Try again. 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. - 2017 Cash + Prepd. Insur. Prepd. Rent + Prepd. Clean. = Unearned Serv. Rev. + Com. Stock + Dec. 31 -630 IT Insurance Expense Dec. 31 -5160 5160 Rent Expense inline IT Service Revenue Dec. 31 -1050 1050 UURED | Repairs & Maintenance Expense Dec. 31 | Service Revenue