An analysis of cash records and account balances of Wells, Inc., for 2003 is as follows:
|
Account |
Account |
Cash |
|
|
Balances |
Balances |
Received or |
|
|
Jan. 1, 2003 |
Dec. 31, 2003 |
Paid in 2003 |
|
|
Wages Payable |
$2,600 |
$3,000 |
|
|
Unearned Rent . |
4,500 |
5,000 |
|
|
Prepaid Insurance |
100 |
120 |
|
|
Paid for wages . |
$29,600 |
||
|
Received for rent |
12,000 |
||
|
Paid for insurance |
720 |
||
Determine the amounts that should be included on the 2003 income statement for (1) wages expense, (2) rent revenue, and (3) insurance expense.