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Co Company earns income from renting out viable spaces. The following are balances from the company's balance sheet: December 31, 2017 30,000 December 31, 2016 65,000 122,000 1,500 100,000 Rent Receivable Prepaid Insurance Supplies Salaries Payable 110,000 5,000 130,000 Unearned Rent Revenue 700,000 640,000 The ff transactions occurred in 2017: 25,000 Cash paid for supplies Bought supplies on account 23,500 Paid wages Cash paid for insurance Cash received for rent in advance 1,300,000 254,000 5,300,000 Rent receivable collected 620,000 What is the insurance expense for year ending December, 2017?

Co Company earns income from renting out viable spaces. The following are balances from the company's balance sheet: December 31, 2017 30,000 December 31, 2016 65,000 122,000 1,500 100,000 Rent Receivable Prepaid Insurance Supplies Salaries Payable 110,000 5,000 130,000 Unearned Rent Revenue 700,000 640,000 The ff transactions occurred in 2017: 25,000 Cash paid for supplies Bought supplies on account 23,500 Paid wages Cash paid for insurance Cash received for rent in advance 1,300,000 254,000 5,300,000 Rent receivable collected 620,000 What is the insurance expense for year ending December, 2017?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Co Company earns income from renting out viable spaces. The following are balances from the company's balance sheet: December 31, 2017 December 31, 2016 Rent Receivable 30,000 65,000 Prepaid Insurance Supplies Salaries Payable 122,000 1,500 100,000 110,000 5,000 130,000 Unearned Rent Revenue 700,000 640,000 The ff transactions occurred in 2017: 25,000 Cash paid for supplies Bought supplies on account Paid wages Cash paid for insurance Cash received for rent in 23,500 1,300,000 254,000 5,300,000 advance Rent receivable collected 620,000 What is the insurance expense for year ending December, 2017?
Transcribed Image Text:Co Company earns income from renting out viable spaces. The following are balances from the company's balance sheet: December 31, 2017 December 31, 2016 Rent Receivable 30,000 65,000 Prepaid Insurance Supplies Salaries Payable 122,000 1,500 100,000 110,000 5,000 130,000 Unearned Rent Revenue 700,000 640,000 The ff transactions occurred in 2017: 25,000 Cash paid for supplies Bought supplies on account Paid wages Cash paid for insurance Cash received for rent in 23,500 1,300,000 254,000 5,300,000 advance Rent receivable collected 620,000 What is the insurance expense for year ending December, 2017?
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