Accounting firm of laurente and associates owns building

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The accounting firm of Laurente and Associates owns the building it occupies. The firm rents one of its office spaces to a tenant who paid a six months' advance rental that will start on September 1, 2021.

Assuming the firm credited Unearned Rent (Liability Method is used) on September 1, 2021 to record the total amount received of P37,800, prepare the December 31, 2021 adjusting entry

Assuming the firm credited Rent Income (Income Method is used) on September 1, 2021 to record the total amount received of P37,800, prepare the December 31, 2021 adjusting entry.

Reference no: EM133272785

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