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How was Net Income in October affected by these entries

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Reference no: EM132950320

Question - X Company prepares monthly financial statements. The following transactions occurred on October 1:

paid the premium for the first year of a $5,000, four-year insurance policy,

paid cash for equipment that cost $20,000; the equipment has a life of four years and salvage value at that time of $2,000, and

borrowed $21,000 from a bank that will be repaid on December 31, along with interest of $88 per month.

The accountant made entries to record the transactions on October 1 and the adjustments on October 31. How was Net Income in October affected by these entries?

Reference no: EM132950320

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