Calco Incorporated rents its store location. Rent is $900 per month, payoble quarterly in advance. On July 1 , a check for $2,700 was issued to the landlord for the July-September quarter. Required: 1. Prepare the Horizontal model and Journal entry for each of the following transactions. a. To record the payment on July 1, assuming that all $2,700 is initially recorded as Rent Expense. b. To record the odjustment that would be appropriate at July 31 if your entry in a had been made. c. To record the payment on July 1 , assuming instesd that all $2,700 is initially recorded as Prepoid Rent. d. To record the adjustment that would be appropriate at July 31 if your entry in c had been made. e. To record the adjustment that would be appropriate at August 31 and September 30 , regardless of how the payment on July 1 had been initially recorded (and assuming that the July 31 adjustment had been made). Indicate the financial statement effect. 2. If you were supervising the bookkeeper, how would you suggest that the July 1 payment be recorded? Complete this question by entering your answers in the tabs below. 1-ab. Prepare the Horizontal model for each of the following transactions. a. To record the payment on July 1, assuming that all $2,700 is initislly recorded as Rent Expense. b. To record the adjustment that would be appropriate at July 31 if your entry in a had been made. c. To record the payment on July 1 , assuming instead that all $2,700 is initially recorded as Prepaid Rent. d. To record the adjustment that would be appropriate at July 31 if your entry in c had been made. e. To record the adjustment that would be appropriate at August 31 and September 30, regardless of how the payment on July 1 had been initially recorded (and assuming that the July 31 adjustment had been made). Indicate the financial statement effect. Note: Enter decresses with a minus sign to indieate a negative financial statement effect. 1 To record the payment, assuming that all $2,700 is initislly recorded as Rent Expense. 2 To record the adjustment that would be appropriate at July 31 if your entry in a had been made. 3 To record the payment on July 1 , assuming instead that all $2,700 is initislly recorded as Prepaid Rent. 4 To record the adjustment that would be appropriate at July 31 if your entry in e had been made. 5 To record the adjustment that would be appropriate at August 31 and September 30, regardless of how the payment on July 1 had been initislly recorded. Note : = journal entry has been entered Journal entry worksheet 345 To record the payment, assuming that all $2,700 is initislly recorded as Rent Expense. Note: Enter deb ts betore cred ts. Complete this question by entering your answers in the tabs below. If you were supervising the bookkeeper, how would you suggest that the July 1 payment be recorded