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need help filling out the journal entries Cullumber Games Inc. adjusts its accounts annually. The following information is available for the year ended December 31,
need help filling out the journal entries
Cullumber Games Inc. adjusts its accounts annually. The following information is available for the year ended December 31, 2022. 1. 2. 3. Purchased a 1-year insurance policy on June 1 for $1,500 cash. Paid $4,810 on August 31 for 5 months' rent in advance. On September 4, received $2,700 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 $740 per month. Paid for the first 2 months on November 30. (Hint: Use the account Prepaid Cleaning to record prepayments.) On December 5, received $1,110 in advance from a gaming club. Determined that on December 31, $350 of these games had not yet been played. 4. 5. For each of the above transactions, prepare the journal entry to record the initial transaction. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) ! Account Titles and Explanation Debit Credit 22 Prepaid Insurance 1500 Cash 1500 122 Prepaid Rent 4810 Cash 4810 22 Cash 2700 Unearned Service Revenue 2700 122 Prepaid Cleaning 1480 Cash 1480 2 Cash 1110 Unearned Service Revenue 1110 Debit Credit No. Date Account Titles and Explanation Dec. 1. 31, 2022 2. Dec. 31, 2022 3. Dec. 31, 2022 4. Dec. 31, 2022 5. Dec. 31, 2022Step by Step Solution
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