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Determine insurance expense for january

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$10,000 Cash $52,000 John smith, capital-January 1

$25,000 Accounts receivable

John smith, capital-January 31

$15,000 Prepaid rent $10,000 John smith, drawings

$20,000 Land $5,000 Net income

$42,000 Building $50,000 Service revenue

$20,000 Accumulated depreciation $8,000 Consulting revenue

Accounts payable $15,000 Rent expense

$20,000 Wages payable $20,000 Wage expense

$5,000 Depreciation expense

Insurance expense

Using the basic equation for an income statement, determine insurance expense for January (you do NOT need to make formal income statement).

Using the basic equation for a statement of owner's equity, determine John smith, capital at January 31 (you do NOT need to make formal statement of owner's equity).

Reference no: EM132316252

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