Three former college classmates decided to open a store near campus to sell wireless equipment to students. They created a public company, The Wire, and issued stock to interested investors. They plan on creating monthly financial statements.

A one-year store rental lease was signed on March 1 for $1,000 per month, and rent for the first 2 months was paid in advance. [Note: Record the complete entry for the March 1 transaction first, and the complete March 31 adjusting entry second.] Account: Dollar amount: Account: Dollar amount: Account: Dollar amount: Account: Dollar amount: Account: Dollar amount