The bookkeeper has not yet prepared the necessary adjusting entries at year-end for MESEC Inc., and is puzzled on how to do so. You have been hired to correct the income statement above and determine the adjusting journal entries for the year ended June 30, 2016. Note Matt's Extreme Sports Inc. started operations on October 1st, 2015, and hence its first year-end is for the 9 months period ended June 30, 2016. You have gathered the following information: The company signed a rental contract for 15 months on October 1st, 2015. Rent is $500 per month, and is paid on the first of the month. At the signing of the lease, the landlord asked that the last 3 months of the lease be paid in advance. All rent payments so far (i.e., monthly payments and the advances) have been reported under "Rent expense" 1. 2. The insurance policy of $4800, contracted on October 1st, 2015, covers the period October 1st, 2015 to October 1st 2016. All insurance payments have been reported under "Prepaid insurance