Gomez Co. had the following transactions in the last two months of its year ended December 31:Partial chart of accounts:Cash: Prepaid Insurance; Prepaid Advertising: Recording prepaid Prepaid Consulting Fees: Unearned Service Fees: Services Fees Earned: Insurance Expense: Advertising expenses and unearned Expense: Consulting Fees Expense. Nov. 1 Paid $1,800 cash for future newspaper advertising.1 Paid $2.460 cash for 12 months of insurance through October 31 of the next year30 Received $3,600 cash for future services to be provided to a customerDec. 1 Paid $3,000 cash for a consultant's services to be received over the next three months.15 Received $7,950 cash for future services to be provided to a customer31 Of the advertising paid for on November 1, S1.200 worth is not yet used31 A portion of the insurance paid for on November 1 has expired. No adjustment was made in November to Prepaid Insurance31 Services worth $1,500 are not yet provided to the customer who paid on November 30.31 One-third of the consulting services paid for on December 1 have been received31 The company has performed $3,300 of services that the customer paid for on December 15.Required:1. Prepare entries for these transactions under the method that initially records prepaid expenses as assets and records unearned revenues as liabilitics, Also prepare adjusting entries at the end of the year.2. Prepare entries for these transactions under the method that initially records prepaid expenses as expenses and records unearned revenues as revenues. Also prepare adjusting entries at the end of the year.3. Explain why the alternative sets of entries in # 1 and #2 do not result in different financial statement amounts.