During October, the Wilson Company incurred the following costs:

a At the beginning of the month, the company paid \(\$ 1200\) to an insurance agency for a twoyear comprehensive insurance policy on the company's building.

b The company purchased office supplies costing \(\$ 970\) on credit from Bailey's Office Supplies.

c The company paid the telephone company \(\$ 110\) for telephone service during October.
d The owner withdrew \(\$ 1200\) for personal use.
e The company found that of the \(\$ 970\) of office supplies purchased in (b), only \(\$ 890\) remained at 31 October.
Required:
For each of the above items, identify whether it would be recorded as an asset or an expense by the Wilson Company for October. List the dollar amount and explain your reasoning.