10 24 points Exercise 4.5 (Algo) Preparing Adjusting Entries to Accrue Revenue and Expenses for Which No Cash Has Been Received (L04-1, LO4-2, L04-3, L04-4, LO4-5, L04-6, LO4-7) The geological consulting firm of Gilbert Marsh & Kestor prepares adjusting entries on a monthly basis. Among the items requiring adjustment on December 31, yeat 2, are the following 822 1. The comparty has outstanding a $41000, 9 percent, 2 year note payable issued on July 1 year 1. Payment of the $41000 note, plus all accrued interest for the 2 year loan period, is due in full on June 30 year 3. 2. The firm is providing consulting services to Texas Oil Company at an agreed upon rate of S1010 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 esmed b. Assume that the $41.000 note payable plus all accrued interest are paid in full on June 30 year 3. What portion of the total interest expense associated with this role will be reported in the firm your income statement? C. Assume that on January 30 year 3, 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 camned in January Answer is not complete Complete the guest by entering your answers in the tabs below consulting services provided in December and January. What portion of this amount constitutes revenue earned in January? payment of the Answer is not complete. Complete this question by entering your answers in the tabs below. Required A Required B Required Prepare the two adjusting entries required on December 31 to record the accrued interest expense and the accrued consulting revenue earned. (If no entry is required for a transaction/event, select "No Journal entry required in the first account field. Do not cound intermediate calculations. Round your answers to the nearest whole dollar) Transaction General Journal Debit Credit Interest expense Interest payable No 1 2 2 10.100 Accounts receivable Consulting foos earned 10.100 Rege A Required B o. Prepare the two adjusting entries required on December 31 to record the accrued interest expense and the accrued consulting revenue earned b. Assume that the $41.000 note payable plus all accrued interest are paid in full on June 30, year 3 What portion of the total interest expense associated with this note will be reported in the firm's year 3 income statement? c. Assume that on January 30 year 3, 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? 4:42 Answer is not complete. Complete this question by entering your answers in the tabs below. Required A Required B Required Assume that on January 30, Yoar 3, Gilbert, Marsh, & Kester receive $25,000 from Texas Oll Company in Full payment of the consulting service provided in December and lansary. What portion of this amount constitutes revenue earned in January