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In December, 2008, Ace Consulting performed services for a customer for $12,000 on account. On June 1, 2009, after several unsuccessful attempts to collect, Ace replaced the customer's account receivable with a 6% note, due and collected in full on January 31, 2010. Ace's accounting year end is December 31.
Required: Prepare all necessary journal and adjusting journal entries for Ace Consulting for 2008, 2009 and 2010
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"It is impossible to use DCF methods for evaluating investments in research and development. There are no cost savings to measure, and we don't even know what products might come out of our R&D activities."
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