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Exercise 4-16 Action Quest Games Inc. adjusts its accounts annually. The following information is available for...

Exercise 4-16 Action Quest Games Inc. adjusts its accounts annually. The following information is available for the year endeSHOW LIST OF ACCOUNTS LINK TO TEXT or each of the above transactions, record the adjustment that is required on December 31 i

Exercise 4-16 Action Quest Games Inc. adjusts its accounts annually. The following information is available for the year ended December 31, 2017. 1. Purchased a 1-year insurance policy on June 1 for $1,200 cash. 2. Paid $5,000 on August 31 for 5 months' rent in advance. On September 4, received $4,140 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 $950 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 $1,450 in advance from a gaming club. Determined that on December 31, $550 of these games had not yet been played. Record each of the above transactions in the tabular summary that follows. (If a transaction results in a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Assets = Liabilities + Stockholders' Equity Retained Earnings Rev. - Exp. - 2017 Cash + Prepd. Insur. + Prepd. Rent + Prepd. Clean. = Unearned Serv. Rev. + Com. Stock + Div June 1 Aug. 31 Sept. 4 Nov. 30 Dec. 5 SHOW LIST OF ACCOUNTS LINK TO TEXT For each of the above transactions, record the adjustment that is required on December 31 in the tabular summary from part (a). (Hint: Use the account Service Revenue for item 3 and Repairs and Maintenance Expense for item 4.) (If a transaction results in a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Assets = Liabilities + Unearned Stockholders' Equity Retained Earnings Prepd. Prepd. Prepd. Com.
SHOW LIST OF ACCOUNTS LINK TO TEXT or each of the above transactions, record the adjustment that is required on December 31 in the tabular summary from part (a). (Hint: Use the account Service Revenue for item 3 and Repairs and Maintenance Expense for ite .) (If a transaction results in a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity iten hat was reduced.) Assets = Liabilities + Stockholders' Equity Retained Earnings Rev. - Exp. - Cash + Prepd. Insur. Prepd. Rent Unearned Serv. Rev. Prepd. Clean. + + = + Com. Stock + Div 2017 Dec. 31 Dec. 31 Dec. 31 Dec. 31 Dec. 31
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Answer #1
Assets Liabilities + Stockholder's Equity
Retained Earnings
Prepaid Prepaid Prepaid Unearned Common
2017 Cash + Insurance + Rent + Clean. = Serv. Rev. + Stock + Revenue - Expense - Dividend
1-Jun $(1,200.00) $ 1,200.00
31-Aug $(5,000.00) $ 5,000.00
4-Sep $ 4,140.00 $ 4,140.00
30-Nov $    (950.00) $ 950.00
5-Dec $ 1,450.00 $ 1,450.00
Assets Liabilities + Stockholder's Equity
Retained Earnings
Prepaid Prepaid Prepaid Unearned Common
2017 Cash + Insurance + Rent + Clean. = Serv. Rev. + Stock + Revenue - Expense - Dividend
31-Dec $    (700.00) $    700.00
31-Dec $ (4,000.00) $ 4,000.00
31-Dec $ (1,840.00) $ 1,840.00
31-Dec $ (475.00) $    475.00
31-Dec $    (900.00) $    900.00

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