Question 3 of 5 - /40 View Policies Current Attempt in Progress Action Quest Games adjusts its accounts annually. Assume that any prepaid expenses are initially recorded in asset accounts. Assume that any revenue collected in advance is initially recorded as liabilities. The following information is available for the year ended December 31, 2021 1 2 3. A $4.200 one-year insurance policy was purchased on April 1, 2021 Paid 56,000 on August 31, 2021. for five months' rent in advance. On September 27, 2021. received $4,000 cash from a corporation that sponsors games for the most improved students attending a nearby school. The $4.000 was for 10 games, worth $400 each, that are played on the first Friday of each month starting in October (Use the Unearned Revenue account) Signed a contract for cleaning services startine December 1 2021. for $600 per month Paid for the first three months on November 30, 2021. (Use Office Expers for the adjusting entry) On December 15, 2021. sold 5880 of tift certificates to a local game On December 31 2021. determined that 4300 these gift certificates had not yet been redeemed (Use the account Unlearned Revenue) 5. For each transaction, prepare the journal entry to record the initial transaction. (Credit account titles are outomatically indented when amount is entered. Do not indent manually no entry is required, Select Mo Entry for the accounts and enter for the amounts Date Account Titles and Explanation Debat No. 1 Cre Type here to search ADANG Question 3 of 5 - 40 III No. Date Account Titles and Explanation Debit Cres 1 2. eTextbook and Media Assistance Used List of Accounts BI 3 ADEM 9 hp 3 | & i 0 44 + *3 & 7 4 5 00 O 9 7 U E W . 20 A G C H K L D S Question 3 of 5 - / 40 For each transaction, prepare the adjusting journal entry required on December 31, 2021. (Credit account titles are automatically Indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts) No. Date Account Titles and Explanation Dec Debit Credit 1 31 2 Dec 31 3 Dec 31 Dec 31 5 Dec 31 o it 19 hp 1 56 ) BE 5 DOC 07 7 o 8 9