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d. Consider the entire adjusting process at Carnival Corporation & PLC. Which adjusting entry do you think results in the most significant expense reported in the company's income statement? The geological consulting firm of Gilbert, Marsh, & Kester prepares adjusting entries on a monthly basis. Among the items requiring adjustment on December 31, year 2, are the following. 1. The company has outstanding a $50,000,9 percent, 2-year note payable issued on July 1 year 1. Payment of the $50,000 note, plus all accrued interest for the 2-year loan period, is due in full on June 30, year 3. 2. The firm is providing consulting services to Texas Oil Company at an agreed-upon rate of $1,000 per day. At December 31, 10 days of unbilled consulting services have been provided. Prepare the two adjusting entries required on December 31 to record the accrued interest expense and the accrued consulting revenue earned. b. Assume that the $50,000 note payable plus all accrued interest are paid in full on June 30, year 3. What portion of the total interest expense associated with this note will be reported in the firm's year 3 income statement? Assume that on January 30, year 3, Gilbert, Marsh, & Kester receive $25.000 from Texas Oi Company in full payment of the consulting services provided in December and January. Wha portion of this amount constitutes revenue earned in January? a. CH When Delta Airlines sells tickets for future flights, it debits Cash and credits an account entitle Air Traffic Liability (as opposed to crediting Passenger Revenue Earned). This account, report recently at approximately $4.5 billion, is among the largest liabilities appearing in the compan

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