1.A manufacturing company rents warehouse space. The company pays their landlord $60,000 on November 1, 2019 to rent the warehouse space from November 1, 2019 through April 30, 2020. The manufacturing company uses accrual-basis accounting. Based on the preceding information

a.What is the amount of the manufacturing company's rent expense for 2019?

b.What is the amount of the manufacturing company's rent expense for 2020?

2.Transaction Analysis - Based on the accounting equation, for each transaction below indicate (i) which balance sheet accounts of the company are adjusted and

(ii) whether each account involved increases or decreases as a result of the transaction.

a.A company sells (and delivers) goods to a customer for cash (ignore the effect on cost of goods sold).

b.A company records cost of goods sold.

c.A company pays employee wages in cash for work the employees have just completed.

d.A company sells (and delivers) goods to a customer on account (i.e., a credit sale) (ignore the effect on cost of goods sold).

e.A company receives cash from their customers for sales the company previously made to the customers on account.

f.A company pays the bank cash for interest on the company's loan from the bank (assume the interest was not previously accrued/recorded).

g.By the end of the year, some of the company's prepaid insurance has expired.