next year. d. The store used delivery equipment all year that cost $60,500; $12,100 was the estimated annual depreciation. e. On July 1 of the current year, a two-year insurance premium amounting to $2,400 was paid in cash and debited in full to Prepaid Insurance. Coverage began on July 1 of the current year. f. The remaining basement of the store is rented for $1,600 per month to another merchant, M. Carlos, Inc. Carlos sells compatible, but not competitive, merchandise. On November 1 of the current year, the store collected six months' rent in the amount of $9,600 in advance from Carlos; it was credited in full to Unearned Rent Revenue when collected. g. Trotman's Variety Store operates a repair shop to meet its own needs. The shop also does repairs for M. Carlos. At the end of the current year, Carlos had not paid $800 for completed repairs. This amount has not yet been recorded as Repair Shop Revenue. Collection is expected during January of next year. Required: For each of the transactions above, indicate the amount and the direction of effects of the adjusting entry on the elements of the balance sheet and income statement. (Enter negative amounts with a minus sign.) Balance Sheet Income Statement Transaction Assets Liabilities Stockholders' Equity Net Revenues Expenses Income (a) 2,700 2,700 (2,700) ( (b) 275 X 275 (c) 1,120 1,120 (d) 12,100 12,100 (e) (675) 675 (f) (3,200) 3,200 (g) 800 800 *Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted.