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The following information relates to adjusting entries for Rally Inc. on December 3 1 . December interest on a note payable, not due until January
The following information relates to adjusting entries for Rally Inc. on December
December interest on a note payable, not due until January was $
of services were performed as of December related to an advance customer payment of $ received on December The payment was recorded as deferred revenue on
December The customer has a strong credit rating.
A physical count of supplies shows $ of supplies available. However, the company has not adjusted its January balance of supplies which shows $ in the accounting records.
Depreciation on equipment of $ has not been recorded for the current year.
A sales bonus of $ due to the sales team based upon December sales, has not been recorded.
If the entries had not been recorded, determine the impact on total revenues, total expenses, and cash.
Please answer all parts of the question.
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