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Mr. Lamoyan, unlike the tenant in item 5, is prompt in paying his rent. On December 1, 2015, he paid Php12,000 to the cashier of

Mr. Lamoyan, unlike the tenant in item 5, is prompt in paying his rent. On December 1, 2015, he paid Php12,000 to the cashier of Franchise Company as payment for rent during the months of December 2015 and January 2016.

What is the correct entry to be made upon receipt of the Php12,000 cash?

What is the adjusting entry on December 15, 2015?

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