Park Management Ltd€™s selected account balances are presented below.

Additional information regarding transactions that occurred in December:
1. Collection from rent receivable was $12,500.
2. Additional insurance purchased was $600.
3. Cash paid in advance from customers was $1,600.
4. Salary paid to employee was $4,000.
Requirements
1. Record the transactions that occurred during December.
2. Record the adjusting entries on December 31.
3. What amount should be reported for revenue and expense accounts on the income statement for the month ended December 31?

Account Title November 30 December 31 $5,600 900 2,500 5,000 Rent Receivable .. $8,200 ::*...1,300 3,800