Poole Company paid or collected during 2018 the following items: Insurance premiums paid $ 12,400 Interest...

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Poole Company paid or collected during 2018 the following items: Insurance premiums paid $ 12,400 Interest collected 25,900 Salaries paid 125,200 The following balances have been excerpted from Poole's balance sheets: December 31, 2018 December 31, 2020 Prepaid insurance Interest receivable S 1,200 $ 1,500 3,700 12,300 2,900 Salaries payable 10,600 1. The insurance expense on the income statement for 2018 was: a) $ 9,700. b) $12,100. c) $12,700. d) $15,100. e) $12,400. 2. The interest revenue on the income statement for 2018 was: a) $19,300. b) $25,100. c) $26,700. d) $32,500. e) $25,900 3. The salary expense on the income statement for 2018 was: a) $102,300. b) $123,500. c) $126,900. d) $148,100. e) $125,200. Poole Company paid or collected during 2018 the following items: Insurance premiums paid $ 12,400 Interest collected 25,900 Salaries paid 125,200 The following balances have been excerpted from Poole's balance sheets: December 31, 2018 December 31, 2020 Prepaid insurance Interest receivable S 1,200 $ 1,500 3,700 12,300 2,900 Salaries payable 10,600 1. The insurance expense on the income statement for 2018 was: a) $ 9,700. b) $12,100. c) $12,700. d) $15,100. e) $12,400. 2. The interest revenue on the income statement for 2018 was: a) $19,300. b) $25,100. c) $26,700. d) $32,500. e) $25,900 3. The salary expense on the income statement for 2018 was: a) $102,300. b) $123,500. c) $126,900. d) $148,100. e) $125,200.

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In the accural basis of accounting the expenses and revenue are recorded when they are actually incu... View the full answer