the Beach House Accounting discussion questions, accounting homework help

In case you need high-quality essay, we are here to help you. Would you like us to handle your paper? Use our writing services for better grades and meet your deadlines.

Order a Similar Paper Order a Different Paper

The Beach House Accounting firm needs to adjust its books at the end of the year. The firm’s year end is December 31st. The accountant noted the following transactions:

  1. On June 1st, the firm prepaid one year of its rent.
  1. On July 1st, the firm received a payment from a client in the amount of $5,000. The client paid $5,000 as a prepayment of the current year accounting fees. At year end, the firm had only completed 75% of the current year’s accounting services for the client.

At December 31st, how much rent expense should the firm record under the cash basis and under the accrual basis? Also, at December 31st, how much revenue should the firm record from the client under the cash basis and under the accrual basis? Explain your answers.

Which basis of accounting more clearly reflects the income and expense of the organization? Why? How might the method of reporting skew the true picture of the year’s record?

As a student, I know you sometimes get frustrated working on school projects or even struggle to complete assignments on time. You need online writing help to rid you off such troubles. And since we understand your needs, we provide you with reliable and professional academic writers to complete your projects on time and at an affordable price.

Order a Similar Paper Order a Different Paper

Looking for this or a Similar Assignment? Order a Paper Now