Kemp company must determine the december 31, 2020, year-end accruals for advertising and rent expens
e. a p50,000 advertising bill was received on january 7, 2021, comprising p35,000 for advertisements in december 2020 issues of a newspaper and p15,000 for advertisements injanuary 2021. a store lease, effective october 16, 2020, calls for a fixed rent of p120,000 per month, payable one month from the effective date and monthly thereafter. in addition, rent equal