Prepaid Rent-Quarterly Adjustments On September 1, Southhampton Services signed a six-month lease for office space, which is effective September 1. Southhampton agreed to prepay the rent and mailed a check for $12,420 to the property manager on September 1. Assume that Southhampton 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, i.e, a decrease, be sure to enter the answer with a minus sign. Assets Balance Sheet Stockholders' Liabilities + Equity Revenues Income State ayment of rent on September 1. and leave the amount box blank. If the effect on a financial statement item is negative, i.e, a decrease, be Stockholders' es Equity Revenues Income Statement Net Expenses Income 3. Identify and analyze the effect of the adjustment on September 30. 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, i.e, a decrease, be sure to enter the answer with a minus sign. Assets Balance Sheet Liabilities + Stockholders' Equity Revenues Income Stater 4. Assume that the accountant prepares the adjustment on September 30 but forgets to record an adjustment on December 31. Will net income for the year be understated or overstated? By what amount? Entry" and leave the amount box blank. If the effect on a financial statement item is negative, i.e, a decrease, be t abilities Stockholders' Equity Revenues Income Statement t on September 30 but forgets to record an adjustment on December 31. Will net income for the year be Net Expenses = Income