x. On March, Raechel's Rockclimbing Ltd. paid $1,200 to the local rockclimbing magazine for a one-page advertisement for Raechel's rockclimbing skills courses. The advertisements will run each month for the next 12 months. Raechel's Rockclimbing Ltd initially recorded the advertising as a prepayment (asset). Record the adjusting entry for Raechel's Rockclimbing Ltd. for the month of March (Alternative: record the adjusting entry assuming the advertising was recorded as an expense when paid.) (Alternative: record the adjusting entry from the perspective of the magazine company assuming the advertising was recorded as a liability when received.) (Alternative: record the adjusting entry from the perspective of the magazine company assuming the advertising was recorded as revenue when received.)