On 11/1, $600 was paid for six months rent. a. The cash paid was initially recorded as an asset. 1. Record the transaction that occurred this year. 2. Record the necessary adjusting journal entry at the end of this year. 3. Post the above journal entries to T-accounts for the asset and expense, and determine the amount that would appear on the balance sheet and on the income statement at the end of this year. b. Repeat, assuming the cash paid was initially recorded as an expense. c. Verify your answers by comparing the account balances in the accounts from parts a and b