company prepares monthly financial statements. Its accountant recorded the following October 1 transactions and the appropriate adjusting entries on October 31: 1. On October 1, the company paid rent for the final three months of the year. Rent was $1 325 per month 2. On October 1, the company purchased equipment that cost $10,000, borrowing the full amount from a bank. The equipment has a life of three years and a salvage value at that time of $1,000 The company will repay the loan on December 31, along with interest at $10 per month What was the effect of the accountant's entries on total assets? Answer Tries 0/3 What was the effect of the accountants entries on Net Income in October Tres 0/3