Action Quest Games Inc. adjusts its accounts annually. The following information is available for the year ended December 31, 2018: a. Purchased a one-year insurance policy on June 1, for $2,260 cash.
b. Paid $6,500 on August 31 for five months’ rent in advance.
c. On September 4, received $3,620 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.
d. Signed a contract for cleaning services starting December 1, for $1,230 per month. Paid for the first two months on November 30. (Hint: Use the account Prepaid Services to record this prepayment.)
e. On December 5, received $1,530 in advance from a gaming club. Determined that on December 31, $555 of these games had not yet been played.

Required:
For each of the above transactions, prepare the adjusting journal entry that is required on December 31.

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During january 2018, the following transactions occur: january 1 purchase equipment for $20,600. the company estimates a residual value of $2,600 and a five-year service life. january 4 pay cash on accounts payable, $10,600. january 8 purchase additional inventory on account, $93,900. january 15 receive cash on accounts receivable, $23,100 january 19 pay cash for salaries, $30,900. january 28 pay cash for january utilities, $17,600. january 30 firework sales for january total $231,000. all of these sales are on account. the cost of the units sold is $120,500. the following information is available on january 31, 2018. depreciation on the equipment for the month of january is calculated using the straight-line method. the company estimates future uncollectible accounts. at the end of january, considering the total ending balance of the accounts receivable account as shown on the general ledger tab, $4,100 is now past due (older than 90 days), while the remainder of the balance is current (less than 90 days old). the company estimates that 50% of the past due balance will be uncollectible and only 3% of the current balance will become uncollectible. record the estimated bad debt expense. accrued interest revenue on notes receivable for january. unpaid salaries at the end of january are $33,700. accrued income taxes at the end of january are $10,100

Trade will take place: a. if the maximum that a consumer is willing and able to pay is less than the minimum price the producer is willing and able to accept for a good. b. if the maximum that a consumer is willing and able to pay is greater than the minimum price the producer is willing and able to accept for a good. c. only if the maximum that a consumer is willing and able to pay is equal to the minimum price the producer is willing and able to accept for a good. d. none of the above.