Problem: A customer made an advance payment for the order of goods amounting to P480,000 on November 07. As of December 31, the company has shipped 70% of the ordered goods. Determine the following: 1. Record the adjusting entry for the year December 31, 2020 under the liability method. Dr 1 Cr. 3 2. Record the adjusting entry for the year December 31, 2020 under the revenue method. 6 Dr. 5 8 Cr 7 INSTRUCTIONS: 1. Choose from the following accounts for the correct account of adjusting entries: Deferred revenue Sales 2. For the amounts of debit and credit, encode your answer in whole number without decimal places, no comma and peso sign (eg. if your answer is 4,000, encode it as 4000)