For each of the independent fact situations below determine the effects on each of the financial statement elements shown in the following grid. Show increases with a '+' and decreases with a '-'. Show specific account names within the space for the appropriate element.

2. The rm signed a lease on ofce space for a one-year period starting today. No rent payment is required until the end of the third month when the rent for the entire year must be paid. The monthly rate is $25. Show the impact, if any, at the time the contract is created at the start of the 12 months. A equal L plus OE R less E equals I 3. The rst month of the one-year ofce rental has expired. Show the effects of this exiration. A equal L plus 0E R less E equals