Hi I need help on what is the answer for the 3 sets of adjusting entries. Below is the problem and in the comment section I will put the reference and other concerns. I hope that you can help me and surely I will give you a positive feedback

7. Fantastic Designs does interior decorations for clients. Its general ledger accounts as at December 31, 2018 showed, among others, two accounts: Unearned Service Fees Service Fee Revenues Debit Credit Debit Credit P35,000 P100.000 The advance collection came from two clients: Ms Rose Monson, P15,000 and Mr. MJ, P20,000. As at December 31 the job for Ms. Monson is still unfinished Instructions: a. Prepare the entry to adjust the unearned revenue and recognize Service Fees Revenue for the MJ account. b. Post the adjustment and determine the balances that should go to the income statement and to the statement of financial position. KC Modeling Agency gave to De Leon Realty an advance payment of P60,000 for rent of an office space which was good for six months. Two ledger accounts appear below: Rent Expense Prepaid Rent Debit Credit Debit Credit Oct 31 60,000 Instruction: a) Make the entry to adjust the ledger accounts affected as at December 31. end of its accounting period. b) Post your entry. How much should be reported in the income statement and in the statement of financial position? 151