QuickHelper

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Teaching Since: May 2017
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  • MBA, PHD
    Phoniex
    Jul-2007 - Jun-2012

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  • Corportae Manager
    ChevronTexaco Corporation
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Category > Business & Finance Posted 01 Jun 2017 My Price 12.00

Accounting Assignment urgent

Question description

 

 

PLEASE AND CONFIRM THAT YOU CAN DO THE ASSIGNMENT BEFORE BIDDING. MOST ANSWERS ARE ONLINE BUT I DO NOT WANT COPY-PASTED ASSIGNMENTS. TRY TO BE UNIQUE WHERE POSSIBLE. THANK YOU

 

Chapter  Exercise 4.5

The problems to be solved are:- Exercise 4.5, Problem  4.5A, Case 4.2  and Chapter 5, Exercise 5.3, problem 5.6A.  Please Note:  All chapter 4 must  be answered seperately  and  all Chapter 5 separate

LO4-1 through LO4-7

EXERCISE 4.5

Preparing Adjusting Entries to Accrue Revenue and Expenses for Which No Cash Has Been Received

The geological consulting firm of Gilbert, Marsh, & Kester prepares adjusting entries on a monthly basis. Among the items requiring adjustment on December 31, 2015, are the following:

  1. The company has outstanding a $50,000, 9 percent, two-year note payable issued on July 1, 2014. Payment of the $50,000 note, plus all accrued interest for the two-year loan period, is due in full on June 30, 2016.
  2. The firm is providing consulting services to Texas Oil Company at an agreed-upon rate of $1,000 per day. At December 31, 10 days of unbilled consulting services have been provided.

a.Prepare the two adjusting entries required on December 31 to record the accrued interest expense and the accrued consulting revenue earned.

b.Assume that the $50,000 note payable plus all accrued interest are paid in full on June 30, 2016. What portion of the total interest expense associated with this note will be reported in the firm's 2016 income statement?

 

Answers

QuickHelper
(10)
Status NEW Posted 01 Jun 2017 07:06 PM My Price 12.00

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