What is the effect of the consulting services expense

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Question: Deerfield Hospital incurs consulting services expense of $500,000 on December 30, 2015. The supplier's invoice states that the $500,000 is due by January 10, 2015 and Deerfield Hospital will pay the invoice on January 9, 2016. Deerfield follows the accrual basis of accounting and its accounting year ends on December 31st each year. What is the effect of the consulting services expense on the December 2015 balance sheet of Deerfield Hospital?

Reference no: EM131965978

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