Teal Mountain Industries borrows $22400 at 5% annual interest for six months on October 1, 2022. Which is the appropriate adjustment to accrue interest if Teal Mountain employs a December 31, 2022 fiscal year?

Increase Interest Expense $280 Decrease Notes Payable $280

Increase Interest Expense $1120 Increase Interest Payable $1120

Increase Interest Expense $280 Increase Interest Payable $280

Decrease Notes Payable $1120 Increase Interest Payable $1120

Cullumber Consulting uses the cash basis of accounting and a fiscal year ending December 31. Beginning on September 1, 2021, Cullumber performs services for Renfro International at a rate of $4500 per month. On February 12, 2022, Renfro pays Cullumber$26500 in full for all services rendered from September 1, 2021 to January 31, 2022. Cullumber understated accrual basis revenues by ________ on its year-end 2021 financial statement.

$26500

$4500

$16700

$21200

A company spends $29 million dollars for an office building. Over what period should the cost be written off?

When the $29 million is expended in cash.

All in the first year.

After $29 million in revenue is earned.

None of these answer choices are correct.