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Question: 1. The prepaid insurance account shows a debit of $6,000, representing the cost of a 2-year casualty insurance policy dated September 1 of the current year.

2. Purchase of supplies for $800 during the year was recorded in the supplies account. On December 31, supplies of $290 are on hand.

3. Interest of $770 has accrued on notes payable.

The response must be typed, single spaced, must be in times new roman font (size 12) and must follow the APA format.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92712185

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