Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Pharoah Quest Games adjusts its accounts annually. Assume that any prepald expenses areinitially recorded in assat accounts. Assume that any revenue collected in advance is

image text in transcribed
image text in transcribed
Pharoah Quest Games adjusts its accounts annually. Assume that any prepald expenses areinitially recorded in assat accounts. Assume that any revenue collected in advance is initially recorded as liablities. The followng information is wa iable for theyear ended December 31,2024 1. A\$3,540 one-year insurance policy was purchayed on April 1, 2024. 2. Paid $5,450 on August 31,2024 , for five rnonths' rent in wivance. 3. On September 27, 2024, received $3,450 cash froma corporation that sponsors ames for the most improved students attending a nearby school. The $3.450 was for 10 games, worth 33.5 exch, that are played on the frat Friday of nach month. starting in October. (Use the Unearned Revenue for the initial entry and service Revenue for the adfusting entryd 4. Signed a contract for cleaning services starting Decenber 1,2024, for s490 per month. padf for the first three manths on November 30, 2024, (Use Prepaid Expenses for the initial entry and Oince Expensef for the adjusting entry) 5. On December 15, 2024, sold $870 of gitt certificates to a loca gaming club. On Deccember 31 , 2024 , deterrined that $570 of these gift certificates had not yet been redeemed. (Use the accont Unearmed Revenue:) (a) For each transaction, prepare the journal entry to record the initial transaction icrifit occocnt tites are atomatically indented when amount is entered. Do not indent manually. If no entryis required, siece " No Enttr for the poccunt cites and enter ofor the amounts. Ihe oll debit entries before credit entries) For each transaction, prepare the journal entry to record the initial transaction. (Credit occount biles are outamotically indented When amount is entered. Do not indent manually if no entry is required, select "No En try for the occount titles and enter ofor the amounts. List all debit entries before credit entries)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Survey of Accounting

Authors: Carl S. Warren

7th edition

1285974360, 1285183487, 9781285974361, 978-1285183480

More Books

Students also viewed these Accounting questions

Question

How to Estimate a Population Mean or Proportion

Answered: 1 week ago

Question

Conduct an effective performance feedback session. page 360

Answered: 1 week ago