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(1 point each) Prepare AJES that should be made on 12-31-15, the end of the accounting year, for each of the following situations. If no
(1 point each) Prepare AJES that should be made on 12-31-15, the end of the accounting year, for each of the following situations. If no AJE is required, indicate "none." Assume the company only makes AJES at the end of the accounting year. In addition, identify the impact, if any, on the financial statements if you failed to make the appropriate AJE. Indicate NE for no impact, U for understatement, and O for overstatement. Use the following format to indicate the impact of failing to make the required entry for each situation Assets XX 8. Liabilities XX Owners' Equity Expenses XX Revenues XX Net Income XX XX On July 1, 2015, the company rented a machine for 8 months and paid $8,000 in advance. The journal entry to record the payment included a debit to a permanent account b. a. On March 31, 2015, the company collected $1,200 of rent for 12 months in advance. The journal entry to record the receipt included a credit to a temporary account. On September 1, 2015, the company collected $9,000 as rent for 3 months in advance. The journal entry to record the receipt included a credit to a permanent account. On June 1, 2015, the company rented equipment for 6 months and paid $6,000 in advance. The journal entry to record the payment included a debit to a temporary account . d
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