For each of the following independent accounting situations, determine the basic type of adjustment, if any, that is needed on December 31, 2010. (deferred revenue, deferred expense, accrued revenue, accrued expense)
What would be the cumulative effect on 2010 net income of all adjustments?
1 Interest on a loan outstanding during 2010 is due on Jan 1, 2011. Interest totals.............
2 Firm received a total of a service project that is
3 A utility bill for December 2010 of
4 $750 of prepaid rent for the month of December has expired
5 $5,000 of revenue for services performed on Dec 4, 2010 is uncollected
6 The firm pre-paid their insurance on Dec. 31 2010 for the entire year of 2011. Payment was.................
7 Firm intends to buy a warehouse on Jan 1 2011 Price of warehouse is.......
8 Fixed Asset depreciation for the year is........