Daniels Leasing received $48,000 for 36 months' rent in advance. How should Somerset record this transaction? Arial EET TT TT Paragraph * Doa fx Mashup 3 (12pt) T' T. 11 HTML CSS On October 1, 2020, Lancer Inc. borrows $100,000 at 12% to finance the holiday sales season. The note is for a nine-month term and both principal and interest are payable at maturity. Prepare the adjusting entry at December 31, 2020. Arial T TT TT Paragraph % DO QUE fx Mashups 3 (12pt) T' T. 2S HTML CSS Mlanden Which of the following in not an external transaction. Sales on account Accrual of Prepaid Rent expense. Depreciation expense. Both A and C. Equity is a residual amount representing the owner's interest in the liabilities of the business. O True False