What is the adjustment to record the accrued fees indicate

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Reference no: EM13600543

Oceanside Realty Co. Pays weekly salaries of $3,700.00 on Friday for a five -day week ending on that day. What is the adjustment at the end of the accounting period assuming that the period end (a) on Wednesday, (b) on Thursday? Indicate each account affected, whether the account is increased or decreased, and the amount of the increase or decrease.

At the end of the current year, $41,980.00 of fees have been earned but have not been billed to clients.

(a) What is the adjustment to record the accrued fees? Indicate each account affected, whether the account is increased or decreased, and the amount of the increase or decrease.

(b) If the cash basis rather than the accrual basis had been used, would an adjustment have been necessary? Explain.At the balance sheet date, a business owes a mortgage note payable of $350,000.00, the terms of which provide for monthly payments of 7,000.00. Explain how the liability should be classified on the balance sheet.

Reference no: EM13600543

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