The geological consulting firm of Gilbert, Marsh, & Kester prepares adjusting entries on a monthly basis. Among the items requiring adjustment on December 31, 2013, are the following: 1. The company has outstanding a $68,000.9 percent, two-year note payable issued on July 1, 2012 Payment of the $68,000 note, plus all accrued interest for the two-year loan period, is due in full on June 30, 2014 2. The firm is providing consulting services to Texas Oil Company at an agreed-upon rate of $950 per day At December 31, 10 days of unbilled consulting services have been provided. a. Prepare the two adjusting entries required on December 31 to record the accrued interest expense and the accrued consulting revenue earned (Do not round intermediate calculations. Round your answers to the nearest whole dollar. Omit the "$" sign in your response.) Debit Credit General Journal (Click to select) (Click to select) 2 (Click to select) (Click to select) b. Assume that the 568,000 note payable plus all accrued interest are paid in full on June 30, 2014. What portion of the total interest expense associated with this note will be reported in the firm's 2014 income statement? (Omit the "S" sign in your response.) Total interest C. Assume that on January 30, 2014 Gilbert Marsh & Kester receive $25,000 from Texas Oil Company in full payment of the consulting services provided in December and January. What portion of this amount constitutes revenue earned in January? (Omit the "S" sign in your response.) January revenue The Among the items requiring adjustment on December 31, 2013, are the toll 1. The company has outstanding a $68,000, 9 percent, two-year note pay Payment of the $68,000 note, plus all accrued interest for the two-year 30, 2014 2. The firm is providing consulting services to Texas Oil Company at an ag At December 31, 10 days of unbilled consulting services have been pro a. Prepare the two adjusting entries required on December 31 to record the the accrued consulting revenue earned. (Do not round intermediate ca answers to the nearest whole dollar. Omit the "S" sign in your respo [ General Journal (Click to select) (Click to select) Accounts receivable Accounts payable 2. Office supplies Interest expense Interest payable Consulting fees earned b. Assume that Insurance expense portion of th Cash statement? | SFERE YOU d interest are paid in is note will be reports Total interest $ c. Assume that on January 30 2014 Gabert Marsh & Kester receive $25000 full payment of the consulting services provided in December and January constitutes revenue earned in Jander? (Omit the "S" sign in your respon January revenue Type here to search
