Question: Please help fill this chart out. On June 1, Year 1, Hamlin, Inc. paid $12,000 for 12 months rent on its warehouse in Huntsville, Alabama.

Please help fill this chart out.

On June 1, Year 1, Hamlin, Inc. paid $12,000 for 12 months rent on its warehouse in Huntsville, Alabama. In addition, on October 1, Year 1, Hamlin paid $3,000 for a one-year insurance policy on the warehouse. Hamlin's reporting period ends on December 31st of each year. Required Show how both prepaid purchases and the associated year-end adjustments at the end of Year 1 will affect a financial statements model. (In the Statement of Cash Flows column, use OA to designate operating activity, IA for investing activity, FA for financing activity, NC for net change in cash and NA to indicate the element is not affected by the event. Enter any decreases to account balances and cash outflows with a minus sign. Do not round intermediate calculations.)

HAMLIN, INC.

Effect of Events on Financial Statements for Year 1

Event

Balance Sheet

Income Statement

Statement of Cash Flows

Assets

Liabilities

Stockholders Equity

Revenue

Expenses

Net Income

Cash

Prepaid Rent

Prepaid Ins.

Accts. Pay.

Retained Earnings

Prepaid Rent

Prepaid Ins.

Rent Adj.

Ins. Adj.

Bal.

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