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Determine the final balance in each account balance

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Question - Spruce Quest Games Inc. adjusts its accounts annually. The following information is available for the year ended December 31, 2021:

1. Purchased a one-year insurance policy on June 1 for $1,800 cash.

2. Paid $6,730 on August 31 for five months' rent in advance.

3. On September 4, received $3,870 cash in advance from a corporation to sponsor a game each month for a total of nine months for the most improved students at a local school.

4. Signed a contract for cleaning services starting December 1, for $1,090 per month. Paid for the first two months on November 30. (Hint: Use the account Prepaid Cleaning to record this prepayment.)

5. On December 5, received $1,490 in advance from a gaming club.

Determined that on December 31, $460 of these games had not yet been played.

Post the above journal entries to T accounts and determine the final balance in each account balance.

Reference no: EM133014472

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