X Company prepares monthly financial statements. Its accountant recorded the following October 1 transactions and the appropriate adjusting entries on October 31: 1. On October 1, the company paid rent for the final three months of the year. Rent was $1,575 per month. 2. On October 1, the company purchased equipment that cost $10,000, borrowing the full amount from a bank. The equipment has a life of three years and a salvage value at that time of $1,000. The company will repay the loan on December 31, along with interest at $102 per month. 8. What was the effect of the accountant's entries on total assets? Submit Answer Tries 0/3 9. What was the effect of the accountant's entries on Net Income in October? Submit Answer Tries 0/3