I - Precollection On November 1, 2021, ABC Company collected P150,000 from a tenant of the building it owns. This represents the advance rental for three (3) months period. The accounting period ends on December 31, 2021. Answer the following questions: 1. How much of the advance rental is considered earned as of December 31, 2021.? ______________ 2. How much of the advanced rental is considered unearned as of December 31, 2021? ______________

Assuming, liability method was used in recording the precollection, answer the following questions: 1. What was the journal entry prepared on Nov. 1, 2021?

'2. What is your adjusting entry on December 31, 2021?

Assuming, income method was used in recording the precollection, answer the following questions: 1. What was the journal entry prepared on Nov. 1, 2021?