Help me answering this, thanks. 3.2 Direction: Praclice what you understand by answering the proceeding problem.On October 1, 2021, Adam Realty Co. collected the amount of P60,000 representing advanced rentalfrom a tenant who occupies a space of the building. The advanced rental willi cover the period Oct 1,2021 to October 1, 2022. The accounting period ends on December 31, 2021.Assuming the income method is used:1. What is the journal entry to record the advance collection?2. How much is the unearned portion of the amount received in advance as of December 31, 2021?3. What is the adjusting entry to record on December 31, 2103?4. In your adjusting entry, what account will you record, Income or Liability?5. In your adjusting entry, are you increasing or decreasing the amount of your Rent Income account?6. After posting the adjusting entry, how much is the balance of the Rent Income account?Assuming the liability method is used:7. What is the journal entry to record the advance collection?8. How much is the earned portion of the amount received in adivance as of December 31, 2021?9. What is the adjusting entry to record on December 31, 2103? 10. In your adjusting entry, what account will you record, Liability ur Income?11. In your adjusting entry, are you increasing or decreasing the amount of your Rent Income account?12. After posting the adjusting entry, how much is the balance of the Unearned Rent Income account?

3.2 Direction: Praclice what you On October 1. 2021, Adam Realty Co. collected the amount of P60,000 representing advanced rental from a tenant who occupies a space of the building. The advanced rental wili cover the period Oct 1, 2021 to October 1, 2022. The accounting period ends on December 31, 2021. Assuming the income method is used: 1. What is the journal entry to record the advance collection? 2. How much is the unearned portion of the amount received in advance as of December 31, 2021? 3 What is the adiustingg entry to record on December 31, 2103?