On August 1, 2018, Kitchen Design paid $72,000 for store rent covering the twelve-month period ending July 31, 2019. Requirements 1. Journalize the entry on August 1 by using the alternative treatment of deferred expenses. 2. Record the December 31, 2018 adjusting entry. Requirement 1. Journalize the entry on August 1 by using the alternative treatment of deferred expenses. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Aug. 1 Requirement 2. Record the December 31 adjusting entry. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Dec. 31 Choose from any list or enter any number in the input fields and then continue to the next