On December 31, 2001, a bookkeeper prepared a trial balance before adjusting entries were made and omitted the balance of the following accounts: Rent, Insurance, Interest Earned, Salaries, Rent Income. The Accountant prepared the financial statements from the ledger which was correct and complete. On the Statement of Income for 2001 in the appropriate sections, the following appeared: Rent $3,600, Insurance $375, Interest Earned $116, Salaries $7,462, Rent Income $480. On the Balance Sheet of 12/31/01, the following appeared: Prepaid Rent $300, Prepaid Insurance $110, Interest Accrued on Notes Receivable $22, Salaries Accrued $400, Rent Prepaid by Sub-Tenants $40. Balance of Insurance Account: How much and the entry should be debit/ credit to Income statement or Credit/debit on the balance sheet ?
On December 31, 2001, a bookkeeper prepared a
How much and the entry should be debit/ credit to Income statement or Credit/debit on the balance sheet ?
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