Gomez Co. had the following transactions in the last two months of its year ended December 31. (Entries Problem 3-6A can draw from the following partial chart of accounts: Cash: Prepaid Insurance; Prepaid Advertising: Recording prepaid Prepaid Consulting Fees: Unearned Service Fees: Services Fees Earned: Insurance Expense: Advertising expenses and unearned Expense: Consulting Fees Expense.) Nov. 1 Paid $1,800 cash for future newspaper advertising P1 P4 1 Paid $2.460 cash for 12 months of insurance through October 31 of the next year 30 Received $3,600 cash for future services to be provided to a customer Dec. Paid $3,000 cash for a consultant's services to be received over the next three months. 1 15 Received $7.950 cash for future services to be provided to a customer 31 Of the advertising paid for on November 1, S1.200 worth is not yet used 3 A portion of the insurance paid for on November 1 has expired. No adjustment was made in 31 31 31 November to Prepaid Insurance Services worthsi.soare not yet prouhled toteaistotner who pailin Moumber . One-third of the consulting services paid for on December 1 have been received The company has performed S3,300 of services that the customer paid for on December 15. Chapter 3 Adusting Accounts fore Financis Statements Required 1. Prepare entries for these transactions under the method that initially records prepaid expenses as assets and records unearned revenues as liabilitics, Also prepare adjusting entries at the end of the year. 2. Prepare entries for these transactions under the method that initially records prepaid expenses as ex- s and records unearned revenues as revenues, Also prepare adjusting entries at the end of the year pense Analysis Component n why the aternative setw of caris n equirements 1 and 2 do not resli in difcet financial