Exercise 4-17 (Part Level Submission) Action Quest Games Inc. adjusts its accounts annually. The following...
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Exercise 4-17 (Part Level Submission) 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 $2,040 cash. 2. Paid $5,900 on August 31 for 5 months' rent in advance. On September 4, received $2,880 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 cleaning services starting December 1 for $800 per month. Paid for the first 2 months on November 30. (Hint: Use the account Prepaid Cleaning to record prepayments.) On December 5, received $1,550 in advance from a gaming club. Determined that on December 31, $600 of these games had not yet been played. 3. 4. 5
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