Sunland Quest Games Co. adjusts its accounts annually. The following information is available for the year ended December 31, 2020. On September 4, received $ 3,600 cash in advance from a company to sponsor a gameeach month for a total of 9 months for the most improved students at a local school.3.Signed a contract for cleaning services starting December 1 for $ 1,200 per month. Paidfor the first 2 months on November 30. (Hint: Use the account Prepaid Cleaning to record4.prepayments.)On December 5, received $ 1,600 in advance from a gaming club. Determined that on5.December 31, $ 440 of these games had not yet been played.(a)For each of the above transactions, prepare the journal entry to record the initial transaction.(Credit account titles are automatically indented when the amount is entered. Do notindent manually.)DateAccount TitlesDebitJune1Aug.31Sept.4Nov.30Dec.e Week 3 - Homework: Chapter 31 of 5-/ 5.6Save tor Later!! 3:06ul LTE OPrint OptionsStrayerSunland Quest Games Co. adjusts its accounts annually. The following information is available forthe year ended December 31, 2020.1.Purchased a 1-year insurance policy on June 1 for $ 2,100 cash.2.Paid $ 6,900 on August 31 for 5 months' rent in advance.On September 4, received $ 3,600 cash in advance from a company to sponsor a game3.each month for a total of 9 months for the most improved students at a local school.Signed a contract for cleaning services starting December 1 for $ 1,200 per month. Paid4.for the first 2 months on November 30. (Hint: Use the account Prepaid Cleaning to recordprepayments.)On December 5, received $ 1,600 in advance from a gaming club. DeterminedDecember 31, $ 440 of these games had not yet been played.con5.(a)For each of the above transactions, prepare the journal entry to record the initial transaction.(Credit account titles are automatically indented when the amount is entered. Do notindent manually.)DateAccount TitlesDebitJune1Aug.31Sept.4Nov.30Dec.5

Journal entries recording is the first step of accounting cycle process, in which atleast one…

Sunland Quest Games Co. adjusts its accounts annually. The following information is available for the year ended December 31, 2020. 1. Purchased a 1-year insurance policy on June 1 for $ 2,100 cash. 2 Paid $ 6,900 on August 31 for 5 months' rent in advance. On September 4, received $ 3,600 cash in advance from a company to sponsor a game each month for a total of 9 months for the most improved students at a local school. 3. Signed a contract for cleaning services starting December 1 for $ 1.200 per month. Paid 4. for the first 2 months on November 30. (Hint: Use the account Prepaid Cleaning to record prepayments.) On December 5, received $ 1,600 in advance from a gaming club. Determined that on 5. December 31, $ 440 of these games had not yet been played. (a) For each of the above transactions, prepare the journal entry to record the initial transaction. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles Debit June 1 Aug. 31

Sunland Quest Games Co. adjusts its accounts annually. The following information is available for the year ended December 31, 2020. 1. Purchased a 1-year insurance policy on June 1 for $ 2,100 cash. 2 Paid $ 6,900 on August 31 for 5 months' rent in advance. On September 4, received $ 3,600 cash in advance from a company to sponsor a game each month for a total of 9 months for the most improved students at a local school. 3. Signed a contract for cleaning services starting December 1 for $ 1.200 per month. Paid 4. for the first 2 months on November 30. (Hint: Use the account Prepaid Cleaning to record prepayments.) On December 5, received $ 1,600 in advance from a gaming club. Determined that on 5. December 31, $ 440 of these games had not yet been played. (a) For each of the above transactions, prepare the journal entry to record the initial transaction. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles Debit June 1 Aug. 31

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter4: Income Measurement And Accrual Accounting

Section: Chapter Questions

Problem 4.10E

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