Action Quest Games adjusted its accounts for the year ended December 31, 2017. Several transactions required journal entries to record prepaid expenses and unearned revenue, as well as adjusting entries on December 31 to recognize expenses and revenue in the proper period.
Action Quest Games adjusted its accounts for the year ended December 31, 2017. Several transactions required journal entries to record prepaid expenses and unearned revenue, as well as adjusting entries on December 31 to recognize expenses and revenue in the proper period.
Action Quest Games adjusted its accounts for the year ended December 31, 2017. Several transactions required journal entries to record prepaid expenses and unearned revenue, as well as adjusting entries on December 31 to recognize expenses and revenue in the proper period.
Action Quest Games adjusted its accounts for the year ended December 31, 2017. Several transactions required journal entries to record prepaid expenses and unearned revenue, as well as adjusting entries on December 31 to recognize expenses and revenue in the proper period.
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Action Quest Games Inc. adjusts its accounts annually.
The following information is available for the year ended Decembe
a) For each of the above transactions, prepare the journal entry to record the initial transaction. (If no entry is required, s b) For each of the above transactions, prepare the adjusting journal entry that is required on December 31. ( 1 Purchased a 1-year insurance policy on June 1 for $1,680 cash. 2 Paid $5,000 on August 31 for 5 months’ rent in advance. 3 On September 4, received $3,780 cash in advance from a corporation to sponsor a game each month 4 Signed a contract for cleaning services starting December 1 for $850 per month. Paid for the first 2 m 5 On December 5, received $1,400 in advance from a gaming club. Determined that on December 31, $ Answer A Journal Entries Date Accounts Title Debit Credit Jun-01 Prepaid Insurance $ 1,680 Cash $ 1,680
Prepaid Cleaning $ 850 ($ 850 for the month of December) 5 Service Revenue $ 600 Unearned Service Revenue $ 600 or the year ended December 31, 2017. n. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatica December 31. (Hint: Use the account Service Revenue for item 3 and Maintenance and Repairs Expense for item 4.)
sponsor a game each month for a total of 9 months for the most improved students at a local school. month. Paid for the first 2 months on November 30. (Hint: Use the account Prepaid Cleaning to record prepayments.) ned that on December 31, $600 of these games had not yet been played. t account titles are automatically indented when the amount is entered. Do not indent manually.) e for item 4.) (Round answers to 0 decimal places, e.g. 5,275. If no entry is required, select "No Entry" for the account titles and ent
d prepayments.) or the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do en the amount is entered. Do not indent manually.)
