Background Information: Donald Duck and Friends had the following events in 2018.

1 Preformed dry cleaning services for $40,000 cash

2 On February 1, 2018, paid $20,000 cash to rent office space for the coming year

3 Adjusted the accounts for the amount of rent used during the year

a) Complete the accounting equation for the different transactions.

Donald and Friends Company

Accounting Equation

Event Assets

Cash + Prepaid Rent = Stockholders Equity