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What adjustment would firm need to make to properly account

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Reference no: EM132636422

Question 1: Suppose your firm loaned an employee $1,000 at 7% (interest rates are always assumed to be year) on July 1. On December 31, the firm is preparing its year-end financial statements. What adjustment would the firm need to make to properly account for any interest revenue that had been earned prior to year end?

Question 2: Suppose ABC Company pays its employees a total of $56,000 on the 15th each month for work done the previous month. ABC generally records salary expense when the employees are paid. If the ABC fiscal year end is June 30, 2010, does any salary expense need to be accrued at year end? If so, how much?

Reference no: EM132636422

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