Question. Start Game Company adjusts its accounts annually. The following information is available for the year ended December 31, 2024: 1. A $3,900 one-year insurance policy was purchased on April 1, 2024. 2. Paid $6,250 on August 31, 2024, for 5 months’ rent in advance. 3. On September 27, 2024, received $3,600 cash from a corporation that sponsors games for the most improved students attending a nearby school. The $3,600 was for 10 games, worth $360 each, that are played on the first Friday of each month starting in October. 4. Signed a contract for cleaning services starting December 1, 2024, for $450 per month. Paid for the first three months on November 30, 2024. The initial transactions are already completed, I really need help with the adjusting. I also don't understand with dividing which months. Please show steps and explain for each adjusting entry.
Question.
Start Game Company adjusts its accounts annually. The following information is available for the year ended December 31, 2024:
1. A $3,900 one-year insurance policy was purchased on April 1, 2024.
2. Paid $6,250 on August 31, 2024, for 5 months’ rent in advance.
3. On September 27, 2024, received $3,600 cash from a corporation that sponsors games for the most improved students attending a nearby school. The $3,600 was for 10 games, worth $360 each, that are played on the first Friday of each month starting in October.
4. Signed a contract for cleaning services starting December 1, 2024, for $450 per month. Paid for the first three months on November 30, 2024.
The initial transactions are already completed, I really need help with the adjusting. I also don't understand with dividing which months. Please show steps and explain for each
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