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Completing the Accounting Cycle | 299 NAME SECTION SCORE: PROFESSOR: Problem #2 Adjusting Entries hree 2018 8 transactions of the Gloria Dimen Programmers are described below: hree Dimen paid the Subic Equipments P36,000 in advance to rent certain equipment over the next 12 months. il 1 A check in the amount of P72,000 was received from Clark Consultants for professional services to be rendered over the next 24 months. July 1 Required: 1. Prepare the adjusting entries assuming that the transactions were initially recorded in balance sheet accounts. 2. Prepare the adjusting entries assuming that the transactions were initially recorded in income statement accounts. Also, record the Jan. 1, 2019 reversing entries, if any