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Monty Games Inc. adjusts its accounts annually. The following information is available for the year ended December 31, 2022. 1. Purchased a 1-year insurance policy
Monty Games Inc. adjusts its accounts annually. The following information is available for the year ended December 31, 2022.
1. | Purchased a 1-year insurance policy on June 1 for $1,860 cash. | |
2. | Paid $6,110 on August 31 for 5 months rent in advance. | |
3. | On September 4, received $3,420 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 $940 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 $1,410 in advance from a gaming club. Determined that on December |
Post the journal entries in parts (a) and (b) to T-accounts the Cash account is not required.) (Post entries in the order presented)
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