QUESTION 2 (12 marks) Victory Entertainment prepares monthly financial statements. On 31 July, the accountant made adjusting entries to record: (a) The portion of prepaid rent for outdoor stage and seating which had expired in July. (b) Amount owed to the musicians which had not been paid in July. (c) Depreciation for the month of July. (d) Earning of ticket revenue for July which had been subscribed in advance. (When patrons purchased the Summer Jazz Series tickets in advance, the accountant credited Unearned Ticket Revenue). Required: Indicate the effect of each of these adjusting entries on the major elements of the company's financial statements - that is, on revenue, expenses, profit, assets, liabilities and equity. Organize your answer in tabular form, using the column headings shown below and the symbols "" for increase, "-" for decrease, and "NE" for no effect. Adjusting Entry Income Statement Revenue Expenses Profit Statement of Financial Position Assets Liabilities Equity