H1. Skysong Games Inc. adjusts its accounts annually. The following information is available for the year ended December 31, 2025.Purchased a 1-year insurance policy on June 1 for $1,440 cash.Paid $5,330 on August 31 for 5 months' rent in advance.On September 4, received $3,960 cash in advance from a corporation to sponsor a game each month for a total of 9 monthsfor the most improved students at a local school.1.23.4.5.Signed a contract for cleaning services starting December 1 for $820 per month. Paid for the first 2 months on November 30.(Hint: Use the account Prepaid Cleaning to record prepayments.)On December 5, received $1,230 in advance from a gaming club. Determined that on December 31, $390 of these games hadnot yet been played. For each of the above transactions, prepare the adjusting journal entry that is required on December 31. (Hint: Use the accountService Revenue for item 3 and Maintenance and Repairs Expense for item 4.) (List all debit entries before credit entries. If no entry isrequired, select "No Entry" for the account titles and enter O for the amounts, Credit account titles are automatically indented when theamount is entered. Do not indent manually)lo. Date Account Titles and ExplanationDec.31,2025Dec.31,2025Dec.31,2025Dec.31,2025Insurance ExpensePrepaid Insurance2025Rent ExpensePrepald RentUnearned Service RevenueService RevenueMaintenance and Repairs ExpensePrepaid CleaningDec.31, UnearnedService RevenueDebit1546[0000000001001Credit390390

Every business passes adjusting entries at the end of accounting period. The main purpose is to…

For each of the above transactions, prepare the adjusting journal entry that is required on December 31. (Hint: Use the account Service Revenue for item 3 and Maintenance and Repairs Expense for item 4.) (List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually) lo. Date Account Titles and Explanation Dec. 31, 2025 Dec. 31, 2025 Dec. 31, 2025 Dec. 31, 2025 Dec. Insurance Expense 31, 2025 Prepaid Insurance Rent Expense Prepald Rent Unearned Service Revenue Service Revenue Maintenance and Repairs Expense Prepaid Cleaning Unearned Service Revenue Debit 1546 390 Credit 000000000 390

For each of the above transactions, prepare the adjusting journal entry that is required on December 31. (Hint: Use the account Service Revenue for item 3 and Maintenance and Repairs Expense for item 4.) (List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually) lo. Date Account Titles and Explanation Dec. 31, 2025 Dec. 31, 2025 Dec. 31, 2025 Dec. 31, 2025 Dec. Insurance Expense 31, 2025 Prepaid Insurance Rent Expense Prepald Rent Unearned Service Revenue Service Revenue Maintenance and Repairs Expense Prepaid Cleaning Unearned Service Revenue Debit 1546 390 Credit 000000000 390

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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