Winds Quest Games Inc. adjusts its accounts annually. The following information is available for the year ended December 31, 2021:

1.		Purchased a one-year insurance policy on June 1 for $1,500 cash.
2.		Paid $6,320 on August 31 for five months rent in advance.
3.		On September 4, received $3,780 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 $1,000 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 $1,460 in advance from a gaming club. Determined that on December 31, $480 of these games had not yet been played.

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Your answer is partially 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 0 for the amounts. Record journal entries in the order presented in the problem.)

No.	Date	Account Titles and Explanation	Debit	Credit
1.	choose a transaction date June 1Aug. 31Sept. 4Nov. 30Dec. 1Dec. 5	enter an account title	enter a debit amount	enter a credit amount
		enter an account title	enter a debit amount	enter a credit amount
2.	choose a transaction date June 1Aug. 31Sept. 4Nov. 30Dec. 1Dec. 5	enter an account title	enter a debit amount	enter a credit amount
		enter an account title	enter a debit amount	enter a credit amount
3.	choose a transaction date June 1Aug. 31Sept. 4Nov. 30Dec. 1Dec. 5	enter an account title	enter a debit amount	enter a credit amount
		enter an account title	enter a debit amount	enter a credit amount
4.	choose a transaction date June 1Aug. 31Sept. 4Nov. 30Dec. 1Dec. 5	enter an account title	enter a debit amount	enter a credit amount
		enter an account title	enter a debit amount	enter a credit amount
5.	choose a transaction date June 1Aug. 31Sept. 4Nov. 30Dec. 1Dec. 5	enter an account title	enter a debit amount	enter a credit amount
		enter an account title	enter a debit amount	enter a credit amount

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List of Accounts

Partially correct answer icon

Your answer is partially correct.

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.) (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 0 for the amounts. Round answers to 0 decimal places, e.g. 5,275.)

No.	Date	Account Titles and Explanation	Debit	Credit
1.	Dec. 31	enter an account title for the adjusting entry on december 31	enter a debit amount	enter a credit amount
		enter an account title for the adjusting entry on december 31	enter a debit amount	enter a credit amount
2.	31	enter an account title for the adjusting entry on december 31	enter a debit amount	enter a credit amount
		enter an account title for the adjusting entry on december 31	enter a debit amount	enter a credit amount
3.	31	enter an account title for the adjusting entry on december 31	enter a debit amount	enter a credit amount
		enter an account title for the adjusting entry on december 31	enter a debit amount	enter a credit amount
4.	31	enter an account title for the adjusting entry on december 31	enter a debit amount	enter a credit amount
		enter an account title for the adjusting entry on december 31	enter a debit amount	enter a credit amount
5.	31	enter an account title for the adjusting entry on december 31	enter a debit amount	enter a credit amount
		enter an account title for the adjusting entry on december 31	enter a debit amount	enter a credit amount

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