Cherokee Company began operations when it issued common stock for $105,000 cash. It paid $94,500 cash in advance for a one- year contract to lease delivery equipment for the business. It signed the lease agreement on March 1, Year 1, which was effective immediately. Cherokee received $120,750 of cash revenue in Year 1. Required a. & b. Record the March 1 cash payment and adjustment required as of December 31, Year 1 in general journal format. c. Show all events in a horizontal statements model. d. & e. What amount of net income will Cherokee Company report on the Year 1 income statement? What is the amount of net cash flow from operating activities for Year 1? Determine the amount of prepaid rent Cherokee Company would report on the December 31, Year 1, balance sheet. Complete this question by entering your answers in the tabs below. Req A and B Req C Req D and E Record the March 1 cash payment and adjustment required as of December 31, Year 1 in general journal format. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record rent paid in advance. Note: Enter debits before credits. Date General Journal Debit Credit March 01 Record entry Clear entry View general journal A and ReqC > Cherokee Company began operations when it issued common stock for $105,000 cash. It paid $94,500 cash in advance for a one- year contract to lease delivery equipment for the business. It signed the lease agreement on March 1, Year 1, which was effective immediately. Cherokee received $120,750 of cash revenue in Year 1. Required a. & b. Record the March 1 cash payment and adjustment required as of December 31, Year 1 in general journal format. c. Show all events in a horizontal statements model. d. & e. What amount of net income will Cherokee Company report on the Year 1 income statement? What is the amount of net cash flow from operating activities for Year 1? Determine the amount of prepaid rent Cherokee Company would report on the December 31, Year 1, balance sheet. Complete this question by entering your answers in the tabs below. Req A and B Req C Req D and E Record the March 1 cash payment and adjustment required as of December 31, Year 1 in general journal format. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 Record the adjusting entry for prepaid rent. Note: Enter debits before credits. Date December 31 General Journal Debit Credit Record entry Clear entry View general journal Cherokee Company began operations when it issued common stock for $105,000 cash. It paid $94,500 cash in advance for a one- year contract to lease delivery equipment for the business. It signed the lease agreement on March 1, Year 1, which was effective immediately. Cherokee received $120,750 of cash revenue in Year 1. Required a. & b. Record the March 1 cash payment and adjustment required as of December 31, Year 1 in general journal format. c. Show all events in a horizontal statements model. d. & e. What amount of net income will Cherokee Company report on the Year 1 Income statement? What is the amount of net cash flow from operating activities for Year 1? Determine the amount of prepaid rent Cherokee Company would report on the December 31, Year 1, balance sheet. Complete this question by entering your answers in the tabs below. Req A and B Req C Req D and E Record the March 1 cash payment and adjustment required as of December 31, Year 1 in general journal format. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet No Date General Journal Req A and B Req C > Debit Credit Cherokee Company began operations when it issued common stock for $105,000 cash. It paid $94,500 cash in advance for a one- year contract to lease delivery equipment for the business. It signed the lease agreement on March 1, Year 1, which was effective immediately. Cherokee received $120,750 of cash revenue in Year 1. Required a. & b. Record the March 1 cash payment and adjustment required as of December 31, Year 1 in general journal format. c. Show all events in a horizontal statements model. d. &e. What amount of net income will Cherokee Company report on the Year 1 income statement? What is the amount of net cash flow from operating activities for Year 1? Determine the amount of prepaid rent Cherokee Company would report on the December 31, Year 1, balance sheet. Complete this question by entering your answers in the tabs below. Req A and B Rea C Req D and E Show all events in a horizontal statements model. (Do not round intermediate calculations. Record the events as they occurred in question data. In the Cash Flow column, use OA to designate operating activity, IA for investing activity, FA for financing activity, NC for net change in cash and NA to indicate the element is not affected by the event. Enter any decreases to account balances with a minus sign.) Show les Event Cash Assets Prepaid Rent CHEROKEE COMPANY Horizontal Statements Model For Year 1 Liabilities Stockholders' Equity Income Statement Common Retained . Stock Earnings Statement of Cash Flow Revenue Expenses Net Income 2 . 3. + adj Bal 0+ 0W 0+ 0. Cherokee Company began operations when it issued common stock for $105,000 cash. It paid $94,500 cash in advance for a one- year contract to lease delivery equipment for the business. It signed the lease agreement on March 1, Year 1, which was effective Immediately. Cherokee received $120,750 of cash revenue in Year 1. Required a. & b. Record the March 1 cash payment and adjustment required as of December 31, Year 1 in general journal format. c. Show all events in a horizontal statements model. d. & e. What amount of net income will Cherokee Company report on the Year 1 income statement? What is the amount of net cash flow from operating activities for Year 1? Determine the amount of prepaid rent Cherokee Company would report on the December 31, Year 1, balance sheet. Complete this question by entering your answers in the tabs below. Req A and B Req C Req and E What amount of net income will Cherokee Company report on the Year 1 income statement? What is the amount of net cash flow from operating activities for Year 1? Determine the amount of prepaid rent Cherokee Company would report on the December 31, Year 1, balance sheet. (Do not round intermediate calculations.) d. Net income Net cash flow from operating activities e. Prepaid rent