Essay
Determine the impact on the balance sheet accounts if the following information is not used to adjust the accounts of Mood Food Company for the month of January 2016. Round answers to the nearest dollar.
1. The company rents extra office space to Beulah CPAs. Beulah pays the $6000 rent annually on January 1.
2. The company has an outstanding loan to its President in the amount of $150000. The loan accrues interest at the annual rate of 6%. Principal and interest are due January 1 2018.
3. The company completed work on a project during January that was not yet billed to the client. The client will be charged $3100.
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