X Company prepares monthly financial statements. The following transactions occurred on October 1: paid the premium for the first year of a $6,000, five-year insurance policy, paid cash for equipment that cost $20,000; the equipment has a life of four years and salvage value at that time of $2,000, and borrowed $24,000 from a bank, to be repaid on December 31 along with interest of $100 per month. The accountant made entries to record the transactions on October 1 and the adjustments on October 31. What was the combined effect of the October 1 and October 31 entries on October Net Income?

X Company prepares monthly financial statements. The following transactions occurred on October 1: paid the premium for the first year of a $6,000, five-year insurance policy, paid cash for equipment that cost $20,000; the equipment has a life of four years and salvage value at that time of $2,000, and borrowed $24,000 from a bank, to be repaid on December 31 along with interest of $100 per month. The accountant made entries to record the transactions on October 1 and the adjustments on October 31. What was the combined effect of the October 1 and October 31 entries on October Net Income?

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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