NP Return to Blackboard Kimmel, Survey of Accounting, le Help System Announcements CALCULATOR PRINTER VERST BACK NEXT Question 5 Action Quest Games Inc. adjusts its accounts annually. The following information is available for the year ended December 31, 2017 1. 2. 3. 4. 5. Purchased a 1-year Insurance policy on June 1 for $2,280 cash. Paid $5,900 on August 31 for 5 months' rent in advance. On September 4, received $3,060 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 $1,200 per month. Paid for the first 2 months on November 30. (Hint: Use the account Prepaid Cleaning to record prepayments. On December 5, received $1,650 in advance from a gaming club. Determined that on December 31, 5400 of these games had not yet been played. Record each of the above transactions in the tabular summary that follows. (If a transaction results in a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Assets - Liabilities + Stockholders' Equity Retained Earnings Prepd. Prepd. Prepd. Unearned Com Insur. Rent Stock Clean. Cash 2017 Rev. Serv. Rev. Div Exp June 1 (2,280) 2,280 5.900 (5,900) Aug. 31 3,060 Sept. 4 3,060 2,400 Nov. 30 (2,400) 1,650 Dec. 5 1.650 LINK TO TEXT For each of the above transactions, record the adjustment that is required on December 31 in the tabular summary from part (a). (Hint: Use the account Service Revenue for Item 3 and Repairs Maintenance Expense for item 4.) (If a transaction results in a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amour entered for the particular Asset, Liability or Equity item that was reduced.) Assets Liabilities Stockholders' Equity Retained Earnings Prepd. Prepd. Prepd. Unearned Carm 20 To Cash Rent Stock clean SBOR Rook Pro LILI System Announcements Aug. 31 (5,900) CALATOR 5,900 PRINTER VERSION LACK NET Sept. 4 3,060 3,060 Nov. 30 (2,400) 2,400 Dec. 5 1,650 1,650 LINK TO TEXT + For each of the above transactions, record the adjustment that is required on December 31 in the tabular summary from part (a). (Hint: Use the account Service Revenue for item 3 and Repairs and Maintenance Expense for item 4.) (If a transaction results in a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Assets = Liabilities + Stockholders' Equity Retained Earnings Prepd. Prepd. Prepd. Unearned Com 2017 Cash Insur Rent Clean. Serv. Rev. Stock Rey Exp. Div Insurance Expense Dec. 31 Rent Expense Dec. 31 Service Revenue Dec. 31 Repairs & Maintenance Expense Dec. 31 Service Revenue Dec. 31 Click If you would like to Show Work for this question: Open Show Work LINK TO TEXT SUBMIT ANSWER Question Attempts: 0 of 3 used
