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 3. 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. Paid for the first 2 months on November 30. (Hint: Use the account Prepaid Cleaning to record prepayments.) 4. On December 5, received $ 1,600 in advance from a gaming club. Determined that on December 31, $ 440 of these games had not yet been played. 5.
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 3. 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. Paid for the first 2 months on November 30. (Hint: Use the account Prepaid Cleaning to record prepayments.) 4. On December 5, received $ 1,600 in advance from a gaming club. Determined that on December 31, $ 440 of these games had not yet been played. 5.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question

Transcribed Image Text:Prepaid Insurance
Prepaid Rent
Unearned Service Revenue
Prepaid Cleaning
Insurance Expense
Rent Expense
Service Revenue
Maintenance and Repairs Expense

Transcribed Image Text: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
3.
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. Paid
for the first 2 months on November 30. (Hint: Use the account Prepaid Cleaning to record
4.
prepayments.)
On December 5, received $ 1,600 in advance from a gaming club. Determined that on
December 31, $ 440 of these games had not yet been played.
5.
Expert Solution

This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images

Recommended textbooks for you


Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,

Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,


Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,

Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON

Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education

Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education