Homework SourseHelp 1 315 Part Level s received 3960 cash in advance from a
Help 1 3-15 (Part Level s, received $3,960 cash in advance from a corporation to sponsor a game each month for a total of 9 months for the most improwed students at a local school 4. Signed a contract for cleaning services starting December 1 for $800 per month. Paid for the first 2 months on Novermber 30. (Hint: use the account Prepaid Cleaning to record 
Solution
Answer a & b. Journal Entry S. No. Date Particulars Dr. Amt. Cr. Amt. 1 1-Jun Prepaid Insurance 1,920.00 Cash 1,920.00 2 31-Aug Prepaid Rent 5,600.00 Cash 5,600.00 3 4-Sep Cash 3,960.00 Unearned Service Revenue 3,960.00 4 1-Dec Prepaid Cleaning 1,600.00 Cash 1,600.00 5 5-Dec Cash 1,400.00 Unearned Service Revenue 1,400.00 Adjusting Entry 6 31-Dec Insurance Expense 1,120.00 $1920 X 7/12 Prepaid Insurance 1,120.00 $1920 X 7/12 7 31-Dec Rent Expense 4,480.00 $5,600 x 4/5 Prepaid Rent 4,480.00 $5,600 x 4/5 8 31-Dec Unearned Service Revenue 1,760.00 $3,960 X 4/9 Service Revenue 1,760.00 $3,960 X 4/9 9 31-Dec Maintenance & Repair Expense 800.00 $1,600 / 2 Prepaid Cleaning 800.00 $1,600 / 2 10 31-Dec Unearned Service Revenue 950.00 $1,400 - $450 Service Revenue 950.00 $1,400 - $450 Answer c. Prepaid Insurance Prepaid Rent Beg. Bal. - 1,120.00 31-Dec Beg. Bal. - 4,480.00 31-Dec 1-Jun 1,920.00 31-Aug 5,600.00 End. Bal. 800.00 End. Bal. 1,120.00 Unearned Service Revenue Prepaid Cleaning Beg. Bal. - Beg. Bal. - 800.00 31-Dec 31-Dec 1,760.00 3,960.00 4-Sep 1-Dec 1,600.00 31-Dec 950.00 1,400.00 5-Dec End. Bal. 2,650.00 End. Bal. 1,600.00 Insurance Expense Rent Expense Beg. Bal. - Beg. Bal. - 31-Dec 1,120.00 31-Dec 4,480.00 End. Bal. 1,120.00 End. Bal. 4,480.00 Service Revenue Maintenance & Repair Expense Beg. Bal. - Beg. Bal. - 1,760.00 31-Dec 31-Dec 800.00 950.00 31-Dec End. Bal. 2,710.00 End. Bal. 800.00