following extract was taken from the worksheet of Miller and Miller, Inc.for the year 2019 Miller and Miller, Inc. Worksheet December 31, 2019 Unadjusted Trial Balance Adjusted Trial Balance Account Names Prepaid Rent Office Supplies Rent Expense Depreciation Expense - Equipment Debit Credit Debit s 0 750 2,000 1,500 Credit $1,200 2,000 800 From the above information, determine the amount of the Rent Expense adjustment. 5) On July 1, Lamba, Inc. paid rent of $15,000 for an equipment storage building from July 1 until December 31. Prepare the adjusting journal entry on July 31. (lgnore explanation). Assume the deferred expense is initially recorded as an asset. 6) What is the difference between cash basis accounting and accrual basis accounting? 7) Deborah Consultants had the following accounts and account balances after adjusting entries. Assume all accounts have normal balances. Calculate the amount of service revenue and prepare the adjusted trial balance for Deborah Consultants as of December 31, 2019. Cash Accounts Receivable Office Supplies Equipment Accumulated Depreciation- Equipment Common Stock $6,000Dividends 2,000 1,800 Salaries Expense 15,000 Rent Expense 9,000 Depreciation Expense- $3,000 Service Revenue 4,000 800 1,500 Equipment 15,000 Supplies Expense 500 8) On December 31, 2018, interest of $1,500 has accrued on a bank note. This interest payment is due on January 20, 2019. If no adjusting entry is m net income. ade on December 31, 2018, indicate the effect on assets, liabilities, equity, and Understated, Overstated, No Effect Assets Liabilities Equity Net Income