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Question 2 [15 points] At August month-end, Gulf Corp. gathered the information listed below for the preparation of adjusting entries. Indicate whether the required adjusting entry for each item would cause an increase ( +), decrease (-), or has no effect (NE) on each of the components of the accounting equation. If a transaction causes a decrease in one component of the accounting equation and also an increase in the same component but in a different account, select ( +/-). A = L + E a) $7,000 of the rent paid in advance has been used. D) $1,200 of the advertising paid for in advance has been published by the newspaper. c) The estimated monthly depreciation on the furniture is $340. d) A review of the $24,000 unadjusted balance in the prepaid rent account shows a remaining balance of $17,250 at the end of the month. e) Gulf Corp.rents part of its building for a monthly fee of $2,250. The rent for the month just past has not been received f) $6,000 of the rent paid in advance has expired. 9) The estimated monthly depreciation on the building is $290. h) $600 of the television advertising paid for in advance has been used. i) of the consulting fees Gulf Corp. received in advance, $3,300 has been earned. 1) $400 of interest has accrued on a note receivable and is unrecorded. k) $5,000 of advertising Gulf Corp. placed in the local newspaper is unrecorded and unpaid. 1) Consulting work performed but unrecorded at the end of the month totalled $5,750. m) A review of the $12,000 unadjusted balance in the supplies account shows a balance on hand at the end of the month of $11,600. n) Unpaid and unrecorded salaries at month-end totalled $5,500. o) $100 of property taxes have accrued and are unrecorded