c. On August 1, 2017, Palmer created a liability account, Customer Deposits, for $17,400. This sum represents an amount that a customer paid in advance and that will be earned evenly by Palmer over a six-month period. Activity Accounts Statement(s) How does this entry affect the accounting equation? If a financial statement item is not affected, select "No Entry" and leave the amount box blank. If the effect on a financial statement item is negative, i.e, a decrease, be sure to enter the answer with a minus sign. Assets Balance Sheet Liabilities Stockholders' Equity Revenues Income Statement d. Palmer rented some office space on November 1, 2017, at a rate of $2,100 per month. On that date, Palmer recorded Prepaid Rent for three months' rent paid in advance. Activity Accounts Statement(s) How does this entry affect the accounting equation? Expenses If a financial statement item is not affected, select "No Entry" and leave the amount box blank. If the effect on a financial statement item is negative, ie, a decrease, be sure to enter the answer with a minus sign. Assets Balance Sheet Liabilities Stockholders' Equity Revenues e. Palmer took out a 120-day, 9%, $170,000 note on November 1, 2017, with interest and principal to be paid at maturity. Assume a 360-day year. Activity Accounts Statement(s) How does this entry affect the accounting equation? Income Statement Expenses If a financial statement item is not affected, select "No Entry" and leave the amount box blank. If the effect on a financial statement item is negative, le, a decrease, be sure to enter the answer with a minus sign. Balance Sheet Stockholders' Income Statement Net = Income Net Income Net