Cullumber 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 $2.304 cash 2. Paid $8.320 on August 31 for 5 months' rent in advance 3. On September 4, received $4,608 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 $1,280 per month Paid for the first 2 months on November 30. Hint Use the account Prepaid Cleaning to record prepayments)
Cullumber 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 $2.304 cash 2. Paid $8.320 on August 31 for 5 months' rent in advance 3. On September 4, received $4,608 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 $1,280 per month Paid for the first 2 months on November 30. Hint Use the account Prepaid Cleaning to record prepayments)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Cullumber 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 $2.304 cash
2.
Paid $8.320 on August 31 for 5 months' rent in advance.
3.
On September 4, received $4,608 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 $1,280 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 $1.920 in advance from a gaming club. Determined that on December 31, 5620 of these games had
not yet been played.
12:07 PM
4/5/2002
Transcribed Image Text:Question 1 of 11
particular Asset, Tiability or Equity em that was reduced
2022
Cash
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particular Asset, Tiability or Equity item that was redund
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