Magadjust Tayo Store is completing the accounting process for the year just ended December 31, 200B. The transactions in 2008 have been journalized and posted. The following data with respect to adjusting entries were available: 1. Three-fourths of the basement of the store is rented for P11,000 per month to another merchant, Isip Mabuti Enterprises. Isip Mabuti sells comparable, but not competitive, merchandise. On November 1, 200B, the store collected six month's rent in advance from Isip Mabuti in the amount of P66,000, which was credited in full to rent revenue. 2. The remaining basement space is rented to Compute Kamuna Shop for P5,200 per month, payable monthly. On December 31, 200B, the rent for November and December was neither collected nor recorded. Collection is expected on January 10, 200C Required: Prepare necessary adjusting entries as of December 31, 200B