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Mountain Quest Games Inc. adjusts its accounts annually. The following information is available for the year ended December 31, 2021: 1. Purchased a one-year insurance

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Mountain Quest Games Inc. adjusts its accounts annually. The following information is available for the year ended December 31, 2021:

1. Purchased a one-year insurance policy on June 1 for $1,800 cash.
2. Paid $6,220 on August 31 for five months rent in advance.
3. On September 4, received $3,870 cash in advance from a corporation to sponsor a game each month for a total of nine months for the most improved students at a local school.
4. Signed a contract for cleaning services starting December 1, for $900 per month. Paid for the first two months on November 30. (Hint: Use the account Prepaid Cleaning to record this prepayment.)
5. On December 5, received $1,640 in advance from a gaming club. Determined that on December 31, $520 of these games had not yet been played.
Post the above journal entries to accounts and determine the final balance in each account balance. (Note: Posting to the Cash account is not required. (Post entries in the order of journal entries presented in the previous question.) Prepaid Insurance Prepaid Rent C Deferred Revenue Prepaid Cleaning Insurance Expense Rent Expense Sponsorship Revenue Repairs and Maintenance Expense

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