Homework Help Question & Answers

Pharoah Quest Games adjusts its accounts annually. The following information is available for the year ended...

Pharoah Quest Games adjusts its accounts annually. The following information is available for the year ended December 31, 202

Pharoah Quest Games 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 $1,740 cash. 2. Paid $6,100 on August 31 for 5 months' rent in advance. 3. On September 4, received $3,150 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. 4. Signed a contract for cleaning services starting December 1 for $900 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 $2,000 in advance from a gaming club. Determined that on December 31, $460 of these games had not yet been played. 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 Credit June 1 Aug. 31 Sept. 4 Nov. 30 Dec. 5
0 0
Add a comment
Answer #1

Journal

Date

Account Title and Explanation

Debit

Credit

June 1 Prepaid insurance 1,740
Cash 1,740
(To record prepaid insurance)
Aug 31 Prepaid rent 6,100
Cash 6,100
(To record prepaid rent)
Sept 4 Cash 3,150
Unearned revenue 3,150
(To record revenue received in advance)
Nov 30 Prepaid cleaning 900
Cash 900
(To record prepaid cleaning)
Dec 5 Cash 2,000
Unearned revenue 2,000
(To record revenue received in advance)

kindly give a positive rating if you are satisfied with the solution. Please ask if you have any query related to the question, Thanks.

Add a comment
Know the answer?
Add Answer to:
Pharoah Quest Games adjusts its accounts annually. The following information is available for the year ended...
Your Answer:

Post as a guest

Your Name:
What's your source?

Earn Coin

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • Pharoah Quest Games adjusts its accounts annually. The following information is available for the year ended...

    Pharoah Quest Games 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 $1,740 cash. 2. Paid $6,100 on August 31 for 5 months' rent in advance. 3. On September 4, received $3,150 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. 4. Signed a contract...

  • Action Quest Games Co. adjusts its accounts annually. The following information is available for the year...

    Action 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 $1,800 cash. 2. Paid $6,500 on August 31 for 5 months’ rent in advance. 3. 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. 4. Signed a...

  • Action Quest Games Inc. adjusts its accounts annually. The following information is available for the year...

    Action Quest Games Inc. adjusts its accounts annually. The following information is available for the year ended December 31, 2017. Part B Debit/Credit 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 $1,920 cash. 2. Paid $5,600 on August 31 for 5 months rent in advance 3. On September 4, received $3,960 cash in advance from a corporation to...

  • Blossom Quest Games adjusts its accounts annually. The following information is available for the year ended...

    Blossom Quest Games 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 $1,980 cash. 2. Paid $6,700 on August 31 for 5 months' rent in advance. 3. On September 4, received $3,060 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. 4. Signed a contract...

  • Exercise 4-17 Action Quest Games Inc. adjusts its accounts annually. The following information is available for...

    Exercise 4-17 Action Quest Games Inc. adjusts its accounts annually. The following information is available for the year ended December 31, 2017. Purchased a 1-year insurance policy on June 1 for $1,800 cash. Paid $6,500 on August 31 for 5 months' rent in advance. On September 4, received $3,600 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 Signed a contract for...

  • Crane Games Inc. adjusts its accounts annually. The following information is available for the year ended...

    Crane Games Inc. adjusts its accounts annually. The following information is available for the year ended December 31, 2022. 1. Purchased a 1-year insurance policy on June 1 for $1,872 cash. 2. Paid $6,760 on August 31 for 5 months’ rent in advance. 3. On September 4, received $3,744 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...

  • Crane Games Inc. adjusts its accounts annually. The following information is available for the year ended...

    Crane Games Inc. adjusts its accounts annually. The following information is available for the year ended December 31, 2022. 1. Purchased a 1-year insurance policy on June 1 for $1,872 cash. 2. Paid $6,760 on August 31 for 5 months’ rent in advance. 3. On September 4, received $3,744 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...

  • Exercise 3-15 a-c (Part Level Submission) Sheridan Company adjusts its accounts annually. The following information is...

    Exercise 3-15 a-c (Part Level Submission) Sheridan Company 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 $1,680 cash. Pald $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 for a total of 9 months for the most improved students at a local school...

  • 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 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...

  • Current Attempt in Whispering Winds Games Inc. adjusts its accounts annually. The following information is available...

    Current Attempt in Whispering Winds Games Inc. adjusts its accounts annually. The following information is available for the year ended December 31, 2022 1. 2 3. Purchased a 1-year insurance policy on June 1 for $1,740 cash. Paid $5,980 on August 31 for 5 months' rent in advance. On September 4, received $3,330 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....

Free Homework App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.