Exercise 3-4A (Algo) Prepaid items on financial statements LO 3-2\ Life, Incorporated experienced the following events in Year 1, its first year of operation:\ \ Performed counseling services for $18,800 cash.\ On February 1, Year 1, paid $12,600 cash to rent office space for the coming year.\ Adjusted the accounts to reflect the amount of rent used during the year.\ Required:\ Based on this information alone:\ \ Record the events in accounts under an accounting equation.\ Note: Enter any decreases to account balances with a minus sign.