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Sheridan Games Inc. adjusts its accounts annually. The following information is available for the year ended December 31, 2025. 1. Purchased a 1-year insurance policy on June 1 for $1,500 cash. Paid $5,460 on August 31 for 5 months' rent in advance. On September 4, received $3,060 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. 2. 3. 4. Signed a contract for cleaning services starting December 1 for $840 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 $1,260 in advance from a gaming club. Determined that on December 31, $400 of these games had not yet been played. Date Account Titles and Explanation Debit Credit

Sheridan Games Inc. adjusts its accounts annually. The following information is available for the year ended December 31, 2025. 1. Purchased a 1-year insurance policy on June 1 for $1,500 cash. Paid $5,460 on August 31 for 5 months' rent in advance. On September 4, received $3,060 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. 2. 3. 4. Signed a contract for cleaning services starting December 1 for $840 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 $1,260 in advance from a gaming club. Determined that on December 31, $400 of these games had not yet been played. Date Account Titles and Explanation Debit Credit

FINANCIAL ACCOUNTING
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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1. 2. 3. Sheridan Games Inc. adjusts its accounts annually. The following information is available for the year ended December 31, 2025. 4. 1. 2. No. Date Dec. 31, 2025 3. 4. 5. Dec. 31, 2025 Dec. 31, 2025 Dec. 31, 2025 Purchased a 1-year insurance policy on June 1 for $1,500 cash. Paid $5,460 on August 31 for 5 months' rent in advance. On September 4, received $3,060 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 $840 per month. Paid for the first 2 months on November 30. (Hint: Use the account Prepaid Cleaning to record prepayments.) On December 5, received $1,260 in advance from a gaming club. Determined that on December 31, $400 of these games had not yet been played. Account Titles and Explanation Insurance Expense Prepaid Insurance Rent Expense Prepaid Rent Unearned Service Revenue Service Revenue Maintenance and Repairs Expense Debit $375 $1365 $2040 $840 Credit $375 $1365 $2040 5. Dec. 31, 2025 Prepaid Cleaning Unearned Service Revenue Service Revenue III $860 $840 $860
Transcribed Image Text:1. 2. 3. Sheridan Games Inc. adjusts its accounts annually. The following information is available for the year ended December 31, 2025. 4. 1. 2. No. Date Dec. 31, 2025 3. 4. 5. Dec. 31, 2025 Dec. 31, 2025 Dec. 31, 2025 Purchased a 1-year insurance policy on June 1 for $1,500 cash. Paid $5,460 on August 31 for 5 months' rent in advance. On September 4, received $3,060 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 $840 per month. Paid for the first 2 months on November 30. (Hint: Use the account Prepaid Cleaning to record prepayments.) On December 5, received $1,260 in advance from a gaming club. Determined that on December 31, $400 of these games had not yet been played. Account Titles and Explanation Insurance Expense Prepaid Insurance Rent Expense Prepaid Rent Unearned Service Revenue Service Revenue Maintenance and Repairs Expense Debit $375 $1365 $2040 $840 Credit $375 $1365 $2040 5. Dec. 31, 2025 Prepaid Cleaning Unearned Service Revenue Service Revenue III $860 $840 $860
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