2. Prepare the journal entry to record the payment of rent on September 1. How does this entry affect the accounting equation? Indicate the effect on financial statement items by selecting "-" for decrease (or negative effect), "+" for increase (or positive effect) and "NE" for No Entry (or no effect) on the financial statement. Journal Income Statement Date Sept. 1 Description Prepaid Rent Cash ▾ Date Journal Debit Description Sept. 30 Rent Expense 13,140 Credit Debit 2,190 13,140 Credit Assets 2,190 3. Prepare the adjusting entry on September 30. How does this entry affect the accounting equation? Indicate the effect on financial statement items by selecting "-" for decrease (or negative effect), "+" for increase (or positive effect) and "NE" for No Entry (or no effect) on the financial statement. Balance Sheet Income Statement Balance Sheet Assets Liabilities + Liabilities Stockholders Equity Revenues Stockholders Equity Expenses Revenues Expenses Prepaid Rent 4. Assume that the accountant prepares the adjusting entry on September 30 but forgets to record an adjusting entry on December 31. Will net income for the year be understated or overstated? Overstated By what amount? S 6,570 Net Income Net Income

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Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is