Question 6 of 7 2.8573 III View Policies Show Attempt History Current Attempt in Progress Colada Quest Games Inc. adjusts its accounts annually. The following information is available for the year ended December 31. 2021: Purchased a one-year insurance policy on June 1 for $1,800 cash. Pald $6,500 on August 31 for five months' rent in advance On September 4, received $3,870 cash in advance from a corporation to sponsor a game each month for a total of nine months for the most improved students at a local school. Signed a contract for cleaning services starting December 1, for $1.010 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 $1.530 in advance from a gaming club. Determined that on December 31, $430 of these games had not yet been played. 1. 2 3. 4. 5. (a) Your answer is correct. For each of the above transactions, prepare the journal entries to record the initial transaction. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required. select "No Entry for the account titles and enter for the amounts. Record journal entries in the order presented in the problem.) No Date Account Tities and Explanation Debit Cre Dec 31 Bal. 2580 Prepaid Cleaning Nov. 30 2020 Dec 31 Adi. 1010 Dec. 31 Bal. 1010 Insurance Expense Dec. 31 Adj 1050 Rent Expense Dec. 31 Adj. 1010 Sponsorship Revenue Dec. 31 Adj 1720 Dec. 31 Adj V 1100 Dec 31 Bal 2820 Repairs and Maintenance Expense Testbed Media (c) Your answer is partially correct Post the above journal entries to T accounts and determine the final balance in each account balance. (Note: Posting to the Cash account is not required.) (Post entries in the order of journal entries presented in the previous question.) Prepaid Insurance