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Pharoah Games Inc. adjusts its accounts annually. The following information is available for the year ended December 31, 2022. 1. Purchased a 1-year insurance policy
Pharoah Games Inc. adjusts its accounts annually. The following information is available for the year ended December 31, 2022. 1. Purchased a 1-year insurance policy on June 1 for $2,016 cash. 2. Paid $7,280 on August 31 for 5 months' rent in advance. 3. On September 4, received $4,032 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. 4. Signed a contract for cleaning services starting December 1 for $1,120 per month. Paid for the first 2 months on November 30. (Hint: Use the account Prepaid Cleaning to record prepayments.) 5. On December 5, received $1.680 in advance from a gaming club. Determined that on December 31, $540 of these games had not yet been played. (a) Your answer is partially correct. 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 Prepd. Insur. Prepd. Rent Pr CI 2022 Cash + Your answer is partially correct. 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. Insur. Prepd. Rent Prepd. Clean. Unearned Serv. Rev. Conom. Stocock 2022 Cash Rev. Exp. Diy June 1 -2016 1008 i i i i i -1008 i Aug. 31 -7280 i 1456 i -5824 i Sept. 4 4032 i i i 2240 i 1792 i i Nov. 30 -2240 i i 1120 i i i -1120 Dec. 5 1680 i i 540 i 1140
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