Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

pls solve part c i need answers for the pictures that have empty blanks Vista Quest Games inc adjusts its accounts annually. The following information

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
pls solve part c
i need answers for the pictures that have empty blanks
Vista Quest Games inc adjusts its accounts annually. The following information is available for the year ended Decernber 31,2021 : 1. Purchased a one-year insurance policy on June 1 for $1,800 cash. 2. Paid $6,100 on August 31 for five months' rent in advance. 3. On September 4, received $3,960 cash in advance from a corporation to sponsor a game each month for total of nine months for the most improved students at a local school. 4. Signed a contract for cleaning services starting December 1, for $1,090 per month. Paid for the first two months on November 30. (Hint: Use the account Prepaid Cleaning to record this prepayment.) 5. On December 5, received $1,400 in advance from a gaming club. Determined that on December 31,$480 of these games had not yet been played. June 1 Prepaid Insurance Nov,30 Prepaid Cleaning 2180 1400 Dec, 5 Cash 1. Dec. Insurance Expense Prepaid Insurance 1050 2. 31 Rent Expense 4880 Prepaid Rent 3. 31 Deferred Revenue Insurance Revenue 4. 31 Repairs and Maintenance Expense Prepaid insurance Prepaid Rent Deferred Revenue Deferred Revenue: Prepaid Cleaning Insurance Expense Insurance Expense Rent Expense Sponsorship Revenue Sponsorship Revenue Repairs and Maintenance Expense Vista Quest Games inc adjusts its accounts annually. The following information is available for the year ended Decernber 31,2021 : 1. Purchased a one-year insurance policy on June 1 for $1,800 cash. 2. Paid $6,100 on August 31 for five months' rent in advance. 3. On September 4, received $3,960 cash in advance from a corporation to sponsor a game each month for total of nine months for the most improved students at a local school. 4. Signed a contract for cleaning services starting December 1, for $1,090 per month. Paid for the first two months on November 30. (Hint: Use the account Prepaid Cleaning to record this prepayment.) 5. On December 5, received $1,400 in advance from a gaming club. Determined that on December 31,$480 of these games had not yet been played. June 1 Prepaid Insurance Nov,30 Prepaid Cleaning 2180 1400 Dec, 5 Cash 1. Dec. Insurance Expense Prepaid Insurance 1050 2. 31 Rent Expense 4880 Prepaid Rent 3. 31 Deferred Revenue Insurance Revenue 4. 31 Repairs and Maintenance Expense Prepaid insurance Prepaid Rent Deferred Revenue Deferred Revenue: Prepaid Cleaning Insurance Expense Insurance Expense Rent Expense Sponsorship Revenue Sponsorship Revenue Repairs and Maintenance Expense

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_2

Step: 3

blur-text-image_3

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

GAO Yellow Book Government Auditing Standar

Authors: Comptroller General United States Government

2011edition

1479245577, 978-1479245574

More Books

Students also viewed these Accounting questions