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Need help with the adjusted entries. Pharoah Games Inc adjusts its accounts annually. The following information is available for the year ended December 31, 2022.
Need help with the adjusted entries. Pharoah 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 $2,304 cash. Paid $ 8,320 on August 31 for 5 months' rent in advance. On September 4, received $ 4,608 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 foc $ 1.200 per month. Paid for the first 2 months on November 30. (Hint: Use the account Prepaid Cleaning to record prepayntents.) On December 5, received $ 1.920 in advance from a gaming club. Determined that on December 31, $ 620 of these games had not yet been played 4. For each of the above transactions, prepare the journal entry to record the initial transaction. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) ). Date Account Titles and Explanation Debit Credit June 1.2022 Prepaid Insurance 2304 Cash Aug 31, 2022 Prepaid Rent 200 For each of the above transactions, prepare the adjusting journal entry that is required on December 31. (Hint: Use the account Service Revenue for item 3 and Maintenance and Repairs Expense for item 4.) (Round answers to 0 decimal places, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit Dec. 1 31, 2022 2. Dec. 31 2022 3. Dec. 31, 2022 4. Dec. 31, 2022 nar Post the journal entries in parts (a) and (b) to T-accounts and determine the final balance in each account. (Note: Posting to the Cash account is not required.) (Round answers to 0 decimal places, e.g. 5,275. Post entries in the order displayed in the problem statement.) Prepaid Insurance Prepaid Rent Unearned Service Revenue . Prepaid Cleaning Insurance Expense Rent Expense Service Revenue Rent Expense Service Revenue Maintenance and Repairs Expense e Textbook and Media
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