Entity A provides bookkeeping services to Entity B for a monthly retainer fee (fixed monthly fee) of ₱100,000. On December 1, 20x1, Entity A receives advanced fees of ₱300,000 covering the months of December 20x1 and January and February of 20x2.   1. Provide the journal entry to record the receipt of the advanced fee on December 1, 20x1 under each of the following methods: (a) Liability method and (b) Income method.   2. Provide the adjusting entry on December 31, 20x1 under each of the following methods: (a) Liability method and (b) Income method.

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