The geological consulting firm of Gilbert, Marsh, & Kester prepares adjusting entries on a monthly basis. Among the items requiring adjustment on December 31, 2011, are the following:The company has outstanding a $50,000, 9 percent, two-year note payable issued on July 1, 2010. Payment of the $50,000 note, plus all accrued interest for the two-year loan period, is due in full on June 30, 2012.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.

Journal entry: Journal entry is the book of original entry where first transactions are recorded in…

Answered: of Gilbert, Marsh, & Kester prepares…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

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The geological consulting firm of Gilbert, Marsh, & Kester prepares adjusting entries on a monthly basis. Among the items requiring adjustment on December 31, 2011, are the following:

The company has outstanding a $50,000, 9 percent, two-year note payable issued on July 1, 2010. Payment of the $50,000 note, plus all accrued interest for the two-year loan period, is due in full on June 30, 2012.
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.

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