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Determine the final balance in each account balance

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Question - Pina Colada 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 $1,920 cash.

2. Paid $6,630 on August 31 for 5 months' rent in advance.

3. On September 4, received $3,690 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 $1,020 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 $1,530 in advance from a gaming club. Determined that on December 31, $485 of these games had not yet been played.

Required - Post the journal entries in parts (a) and (b) to T-accounts and determine the final balance in each account balance. (Note: Posting to the Cash account is not required.)

Reference no: EM132728990

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