Record each of the following events in the horizontal statements model.After each event,record the corresponding December 31 end-of-year adjustment that would be necessary.Precede the amount with a minus sign if the transaction reduces that section of the equation.Precede a cash outflow amount with a minus sign.Enter 0 for items not affected.
a)Paid $36,000 for a 1-year lease beginning April 1.
b)Paid $3,000 to purchase supplies.At year end,$1,080 of supplies remained.
c)Received a $48,000 cash advance for a 6-month contract beginning on Sept.1.

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The Answer of Record each of the following events in the horizontal statements model.After each event,record the corresponding December 31 end-of-year adjustment that would be necessary.Precede the amount with a minus sign if the transaction reduces that section of the equation.Precede a cash outflow amount with a minus sign.Enter 0 for items not affected.
a)Paid $36,000 for a 1-year lease beginning April 1.
b)Paid $3,000 to purchase supplies.At year end,$1,080 of supplies remained.
c)Received a $48,000 cash advance for a 6-month contract beginning on Sept.1.

Record Each of the Following Events in the Horizontal Statements