Accounting - due on 10/21 at 3 pm pacific time.

Discussion:

                               

The Beach House Accounting firm needs to adjust its books at the end of the year. The firm's year end is December 31st. The accountant noted the following transactions:

On June 1st, the firm prepaid one year of its rent. totaling $12,000 or $1,000. On July 1st, the firm received a payment from a client in the amount of $5,000. The client paid $5,000 as a prepayment of the current year accounting fees. At year end, the firm had only completed 75% of the current year's accounting services for the client.
At December 31st, how much rent expense should the firm record under the cash basis and under the accrual basis? Also, at December 31st, how much revenue should the firm record from the client under the cash basis and under the accrual basis? Explain your answers.

Which basis of accounting more clearly reflects the income and expense of the organization? Why? How might the method of reporting skew the true picture of the year's record? 

200 words for the whole discussion

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Myaccounting lab: 

13 questions and take Quiz afterward.  Looking to get an A. no plagerism

Work will be done directly in my university site.  I will give you my username and pw once we handshake.

If you need more time just let me know.