As of October 31 of the current year, the proprietor of Little Angels Learning Center prepared the following statements in order to determine the results of the operations for the months of June to October. Although this statement in interim in nature, you believe that it is necessary to adjust the significant items. Little Angels Learning Center Results of Operations October 31, current year Collection of tuition fees: Fully paid for 10 months (covering June to March) 10 children x P36,000 360,000 Partially paid for 5 months (covering June to October) 10 children x P18,000 180,000 Partially paid for 3 months (covering June to August) 3 children x P9,000 27,000 Dropouts 2 children x P3,000 6.000 573,000 Payments: Rent (June to September) 80,000 Utilities (covering electricity, water and telephone, from June 01 to October 15) 41,400 Salaries 2 teachers x P10,000 x 5 months 100,000 2 assistants x P6,000 x 4 months 48,000 148,000 (October salary for the assistants are not yet paid) Taxes 18,775 Supplies and snacks 43, 125 Depreciation - furniture, equipment and tools (4 months) 16,000 Other operating expenses 18,575 365,875 Profit from June 01 to October 31 207,125 It was found that there are is accrued operating expenses not reflected in the above statement amounting to P3,550. Requirements: 1. Prepare all the necessary adjusting entries to be taken up on October 31 of the current year. 2. Prepare a corrected income statement for the interim period from June to October of the current year