Life, Inc. experienced the following events in Year 1, its first year of operation: 1. Performed counseling services for $21,200 cash. 2. On February 1, Year 1, paid $14,400 cash to rent office space for the coming year. 3. Adjusted the accounts to reflect the amount of rent used during the year. Required Based on this information alone: a. Record the events in accounts under an accounting equation. (Enter any decreases to account balances with a minus sign.) LIFE, INC. Effect of Events on the Accounting Equation Event 1. Performed services 2 Prepaid rent 3 Used rent Totals Stockholders Assets Equity Cash Prepaid Rent Retained Earnings