Spruce Quest Games Inc. adjusts its accounts annually. The following information is available for the year ended December $31,2024$: $1.$ Purchased a one$-$year insurance policy on June $1$ for $$3,000$ cash. $2.$ Paid $$7,250$ on August $31$ for five months rent in advance. $3.$ On September $4,$ received $$4,860$ cash in advance from a corporation to sponsor a game each month for a total of nine months for the most improved students at a local school. $4.$ Signed a contract for cleaning services starting December $1,$ for $$1,150$ 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 $$1,610$ in advance from a gaming club. Determined that on December $31,$ $$640$ of these games had not yet been played.For each of the above transactions, prepare the journal entries to record the initial transaction. $($Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts.$)$ For each of the above transactions, prepare the adjusting journal entry that is required on December $31.($Hint: Use the account Sponsorship Revenue for items $3$ and $5$ and Repairs and Maintenance Expense for item $4.)($Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts.$)$ Post the above journal entries to T accounts and determine the final balance in each account balance below $($Note: Posting to the Cash account is not required.$)($Post entries in the order of journal entries presented in the previous parts.$)1.$ Prepaid Insurance $2.$ Prepaid Rent $3.$ Deferred Revenue$4.$ Prepaid Cleaning $5.$ insurance Expense $6.$ Rent Expense $7.$ Sponsorship Revenue $8.$ Repairs and Maintenance Expense