Answered step by step
Verified Expert Solution
Question
1 Approved Answer
very stuck. please help you dont need the first photo. but eveything else is in order. Sunland Games Inc. adjusts its accounts annually. The following
very stuck. please help
you dont need the first photo. but eveything else is in order.
Sunland Games Inc. adjusts its accounts annually. The following information is available for the year ended December 31, 2025. 1. Purchased a 1-year insurance policy on June 1 for $1,980 cash. 2. Paid $6,240 on August 31 for 5 months' rent in advance. 3. 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. 4. Signed a contract for cleaning services starting December 1 for $960 per month. Paid for the first 2 months on November 30 . (Hint: Use the account Prepaid Cleaning to record prepayments.) 5. On December 5, received $1,440 in advance from a gaming club. Determined that on December 31,$455 of these games had not yet been played. (a) For each of the above transactions. prepare the journal entry to record the initial transaction. (List all debit entries before credit Post the journal entriesin parts (a) and (b) to T-accounts and determine the final balance in each accougt balance. (Note: Posting t the Cash account is not required.) (Post entries in the order presented in the previous parts.) 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 Maintenance and Repairs Expense for item 4.) (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. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) eTextbook and Media List of Accounts Sovefor Later Attempts: 0 of 3 used Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started