Prepaid Rent-Quarterly Adjustments On September 1, Northhampton Industries signed a six-month lease for office space, which is effective September 1. Northhampton agreed to prepay the rent and mailed a check for $9,480 to the landlord on September 1. Assume that Northhampton prepares adjustments only four times a year: on March 31, June 30, September 30, and December 31. Required: 1. Compute the rental cost for each full month, per month 2. Identify and analyze the effect of the transaction for the payment of rent on September 1. Activity Accounts Statement(s) How does this entry affect the accounting equation? If a financial statement item is not affected, select "No Entry" and leave the amount box blank. If the effect on a financial statement item is negative, l.e, a decrease, be sure to enter the answer with a minus sign. Assets Balance Sheet Stockholders' Liabilities Equity Revenues Income Statement Previous Next >