An analysis of cash records and account balances of Computer Networking, Inc., for 2003 is as follows:
|
Account |
Account |
Cash |
|
|
Balances |
Balances |
Received or |
|
|
Jan. 1, 2003 |
Dec. 31, 2003 |
Paid in 2003 |
|
|
Salaries Payable |
$10,750 |
$12,750 |
|
|
Unearned Rent |
23,250 |
26,500 |
|
|
Prepaid Insurance. |
2,000 |
3,100 |
|
|
Paid for salaries |
$125,000 |
||
|
Received for rent |
64,250 |
||
|
Paid for insurance |
12,600 |
||
Determine the amounts that should be included on the 2003 income statement for (1) salaries
expense, (2) rent revenue, and (3) insurance expense.