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*Exercise 4-17 Action Quest Games Inc. adjusts its accounts annually. The following information is available for the year ended December 31, 2017 1. 2. 3. Purchased a 1-year insurance policy on June 1 for $1,800 cash. Paid $6,750 on August 31 for 5 months' rent in advance. On September 4, received $3,510 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 $1,100 per month. Paid for the first 2 months on November 30. (Hint: Use the account Prepaid Cleaning to record prepayments.) On December 5, received $1,200 in advance from a gaming club. Determined that on December 31, $600 of these games had not yet been played. 4. 5. Your answer is partially correct. Try again. 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.) No. Date Account Titles and Explanation Debit Credit 1. June 1, 2017 Prepaid Insurance 1,800 Cash 11,800 2. Aug. 31, 2017 Prepaid Rent 6,500 Cash 6,500 3. Sept. 4, 2017 Cash 3,600 Unearned Service Revenue Jl 3,600 1.0.0.0.6. 4. INov. 30, 2017) Prepaid Cleaning 2,000 Cash 2,000 5. Dec. 5, 2017 Cash 1,500 Uneared Service Revenue 1,500 Your answer is partially correct. Try again. 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 Repairs and Maintenance Expense for item 4.) (Round answers to o decimal places, e.g. 5,275. 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.) Debit Credit No. Date Account Titles and Explanation 1 Dec. 31, 2017 Insurance Expense (1050 Prepaid Insurance 2. Dec. 31, 2017 Rent Expense 5,200 Prepaid Rent 5,200 3. Dec. 31, 2017 Junearned Service Revenue 1,600 Service Revenue 0.0.0.0. 0.0.0.0.0 D1,600 4. Dec 31, 2017 Maintenance and Repairs Expense Prepaid Cleaning 5. Dec. 31, 2017 Junearned Service Revenue Service Revenue Your answer is partially correct. Try again. Post the journal entries in parts (a) and (b) to T-accounts and determine the final balance in each account balance. (Note: Posting to the Cash account is not required.) (Round answers to O decimal places, e.g. 5,275. Post entries in the order displayed in the problem statement.) Prepaid Insurance Pune 1 1,800|||Dec. 31 Adj. 700 Dec. 31 Bal. 500 Prepaid Rent Aug. 31 6,500 Dec. 31 Adj. 5,200 Dec. 31 Bal. 1,120 Unearned Service Revenue Dec. 31 Adj. 1,600 Dec. 31 Adj. 5,200 Dec. 31 Adj. 750 Sept. 4 Prepaid Cleaning Nov. 30 2,000 Dec. 31 Adj. Insurance Expense Dec. 31 Adj. Rent Expense 5,200 Service Revenue Dec. 31 Adj. 1,600 UDec. 31 Adj. Dec. 31 Bal. Maintenance and Repairs Expense Dec. 31 Adi