Rental Income, Insurance Expense, Tax Expense Rental receipts (cash) received $43,000 Cash paid for
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Rental Income, Insurance Expense, Tax Expense Rental receipts (cash) received $43,000
Cash paid for insurance $ 5,000
Cash Paid for taxes $ 6,000
Cash received from sale of used equipment $11,000
Of the rental receipts collected, $2,000 was reported as
rent receivable at September 30, and $3,500 was a prepayment of November’s
rent An insurance premium of $1,000 was owed at the end of October Taxes of
$1,000 and $700 were owed at October 31, respectively Equipment sold in October
had a book value (cost minus accumulated depreciation of $12,200 at the time of
sale
Required
1 Determine
rental income for October 2005
2 Determine
insurance expense for October 2005
3 Determine
tax expense for October 2005
4 Assuming
the accumulated depreciation on the equipment sold was $1,300 what is the
appropriate journal entry to record the used equipment?
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