Question: ADJUSTING ENTRIES :Analyze the items below. Write your answers on the space provided. 2. On June 1, 201A, Santillan Fitness Center paid an advance rental

ADJUSTING ENTRIES :Analyze the items below. Write your answers on the

ADJUSTING ENTRIES :Analyze the items below. Write your answers on the space provided. 2. On June 1, 201A, Santillan Fitness Center paid an advance rental in the amount of P180,000. The amount covers one-year rent paid in advance beginning month of June. a. Entry on June 1, 201A: Asset Method Expense Method b. C. d. How much of the P180,000 advance rental will expire at the end of each month? How much will be considered as expense on December 31, 201A? How much will be considered as asset on December 31, 201A? Prepare the adjusting entry on December 31, 201A: e. Asset Method Expense Method

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