During October 2012, ABC Co. had the following cash transactions:
Cash paid for Taxes : 235,000Cash paid for Insurance : 116,000Cash received for Rents on income property :152,000
Addtional information:i) Of Cash received for rents on property, 10,000 was reported as rent receivable, as of September 2012.
ii) Of Cash received for Rents on property, 7,000 was a prepayment of November 2012 rent.
iii) At the end of october, 6,000 remained owed on an insurance premium
iv) Tax owed at October 1 was 25,000 and tax owed at October 31 was 18,000
Required :
1) Rental Income for October 2012 using the accrual basis
2) Insurance expense for October 2012 using accrual basis
3) Tax expense for October 2012 using accrual basis