Business, 24.05.2020 03:57 haleylayne74

Action Quest Games Inc. adjusts its accounts annually. The following information is available for the year ended December 31, 2017.

1. Purchased a 1-year insurance policy on June 1 for $1,440 cash.
2. Paid $5,800 on August 31 for 5 months rent in advance.
3. On September 4, received $4,230 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 $950 per month. Paid for the first 2 months on November 30.
5. On December 5, received $1,400 in advance from a gaming club. Determined that on December 31, $350 of these games had not yet been played.
For each of the above transactions, prepare the adjusting journal entry that is required on December 31.

Answers: 3

Show answers

Another question on Business

Business, 22.06.2019 17:30

Fabian got into an accident on his way to work. he had multiple fractures in his leg. his doctor advised strict bed rest for at least three months.fabian is a freelance wildlife photographer who usually works on a contract basis, and this is his primary source of income. before the accident, fabian was planning his finances. which goal of his financial plan would fabian in getting through without pay for the next three months? the goal that requires the creation of a/an would fabian get through the next three months without pay.

Answers: 1

Answer

Business, 22.06.2019 20:00

Afirm is producing at minimum average total cost with its current plant. draw the firm's long-run average cost curve. label it. draw a point on the lrac curve at which the firm cannot lower its average total cost. draw the firm's short-run average total cost curve that is consistent with the point you have drawn. label it.g

Answers: 2

Answer

Business, 22.06.2019 20:00

Ajax corp's sales last year were $435,000, its operating costs were $362,500, and its interest charges were $12,500. what was the firm's times-interest-earned (tie) ratio? a. 4.72b. 4.97c. 5.23d. 5.51e. 5.80

Answers: 1

Answer

Business, 23.06.2019 00:50

Alpine west, inc., operates a downhill ski area near lake tahoe, california. an all-day, adult ticket can be purchased for $55. adult customers also can purchase a season pass that entitles the pass holder to ski any day during the season, which typically runs from december 1 through april 30. the season pass is nontransferable, and the $450 price is nonrefundable. alpine expects its season pass holders to use their passes equally throughout the season. the company’s fiscal year ends on december 31. on november 6, 2009, jake lawson purchased a season ticket. required: 1. when should alpine west recognize revenue from the sale of its season passes? 2. prepare the appropriate journal entries that alpine would record on november 6 and december 31. 3. what will be included in the 2009 income statement and 2009 balance sheet related to the sale of the season pass to jake lawson?

Answers: 3

Answer

You know the right answer?

Action Quest Games Inc. adjusts its accounts annually. The following information is available for th...

Questions