Suppose Farina, a specialty clothing store, rents space at a local mall for one year, paying $21,600 ($1,800 per month) in advance on October 1. Required: 1. Record the payment of rent in advance on October 1. 2. Record the adjusting entry on December 31.

Suppose Farina, a specialty clothing store, rents space at a local mall for one year, paying $21,600 ( $1,800 per month) in advance on October 1. Required: 1. Record the payment of rent in advance on October 1. 2. Record the adjusting entry on December 31