Life, Inc., experienced the following evnts in 2016, its first year of operaton:
1. Performed counseling service for $36,000 cash
2. On February 1, 2016 paid $18,000 cash to rent office space for the comming year.
3. Adjust the account to reflect the amount of rent used during the year.
Required:
Based o this information alone:
a. Record the events under an accounting equation
b. Prepare and invoice statement, balance sheet, and statement of cash flow for the 2016 accounting period
c. Ignoring all othe future events, what is the amount of rent expense that would be recognized in 2017?
