Record each of the following events in the horizontal statements model. After each event, record the corresponding end-of-year adjustment that would be necessary.
a) Paid $18,000 for a 1-year lease beginning April 1.
b) Paid $1,500 to purchase supplies. At year end, $540 of supplies remained.
c) Received a $24,000 cash advance for a 6-month contract beginning on Sept. 1.

Question

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The Answer of Record each of the following events in the horizontal statements model. After each event, record the corresponding end-of-year adjustment that would be necessary.
a) Paid $18,000 for a 1-year lease beginning April 1.
b) Paid $1,500 to purchase supplies. At year end, $540 of supplies remained.
c) Received a $24,000 cash advance for a 6-month contract beginning on Sept. 1.

Record Each of the Following Events in the Horizontal Statements