Colada Quest Games Inc. adjusts its accounts annually. The following information is available for the...
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Colada 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 $ 1,800 cash. 2. Paid $6,500 on August 31 for five months' rent in advance. 3. On September 4, received $3,870 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 $ 1,010 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 $1,530 in advance from a gaming club. Determined that on December 31, $ 430 of these games had not yet been played. (a) 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 for the amounts. Record journal entries in the order presented in the problem.) No. Date Account Titles and Explanation Debit Credit 1. 2. 3
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