please solve and explain

On November 1st 2020, ALPHA (tenant) signs a rent contract with BETA (landlord), in order to locate its offices in a new building. The length of the contract is 12 months. The annual rent is $48,000, to be paid in full at the time the contract is signed. Which of the following statements are correct? ALPHA does not need to record any journal entry on 11/1/20 32 On 10/31/21, at the end of the contract, ALPHA credits a balance sheet account for $40,000 On 12/31/20, ALPHA debits an income statement account for $8,000 On 12/31/20, ALPHA credits cash for $8,000 On 11/1/20, BETA credits an income statement account for $48,000 On 11/1/20, ALPHA does not debit any income statement account On 11/1/20, BETA debits a balance sheet account for $48,000 On 10/31/21, at the end of the contract, BETA credits an income statement account for $40,000