uppose Hoosiers, a specialty clothing store, rents space at a local mall for one year, paying $25,200($2,100/ month) in advance on ctober 1. Required: 1. Determine the financial statement effects for the payment of rent in advance on October 1. 2. Determine the financial statement effects for the adjusting entry for rent expired by December 31. Complete this question by entering your answers in the tabs below. uppose Hoosiers, a specialty clothing store, rents space at a local mall for one year, paying $25,200 ( $2,100/ month) in advance on ctober 1. Required: 1. Determine the financial statement effects for the payment of rent in advance on October 1. 2. Determine the financial statement effects for the adjusting entry for rent expired by December 31. Complete this question by entering your answers in the tabs below