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Mountain Quest Games Inc. adjusts its accounts annually. The following information is available for the year ended December 3 1 , 2 0 2 1
Mountain Quest Games Inc. adjusts its accounts annually. The following information is available for the year ended December : Purchased a oneyear insurance policy on June for $ cash. Paid $ on August for five months' rent in advance. On September received $ 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. Signed a contract for cleaning services starting December for $ per month. Paid for the first two months on November Hint: Use the account Prepaid Cleaning to record this prepayment. On December received $ in advance from a gaming club. Determined that on December $ of these games hac not yet been played. For each of the above transactions, post the above journal entries to T accounts and determine the final balance in each account balance
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