On November 1, 2019, Gordon Co. collected $8,280 in cash from its tenant as an advance rent payment on its store location. The six-month lease period ends on April 30, 2020, at which time the contract may be renewed. Problem 7-25 (Algo) Part a - Horizontal model Required: a-1. Use the horizontal model to record the effect of the six months of rent collected in advance on November 1, 2019 for Gordon Co. Indicate the financial statement effect. (Enter decreases with a minus sign to indicate a negative financial statement effect.) Assets Balance Sheet Liabilities Stockholders' Equity Net Income Reve + quity Net Income Revenues Income Statement Expenses a-2. Use the horizontal model to record the effect of the adjustment that will be made at the end of each month to show the amount of rent "earned" during the month for Gordon Co. Indicate the financial statement effect. (Enter decreases with a minus sign to indicate a negative financial statement effect.) Assets Balance Sheet Liabilities Stockholders' Equity + Net Income Revenues + Net Income Revenues Income Statement Expenses