A B D E F G H B C Prepaid Insurance 1,200 Dec. 1 1 2 3 4 5 6 7 8 9 10 11 12 13 14 Dec. 1 $1.200 6 Amount paid in cash for a 6-month insurance policy. Coverage begins on December 1 Policy term (months) Amount of Insurance Expense reported on the December 31 income statement. Amount of Prepaid Insurance reported on the December 31 balance sheet. Dec. 31 Dec. 31 Which formula in cell B12 correctly calculates the amount of Insurance expense reported on the December 31 income statement? Multiple Choice --B10/B9 --B9-B10 --B9/12 --B9/B10 A D E F G I 1 Prepaid Insurance 1,200 Dec. 1 2 3 4 Dec. 1 5 6 7 8 9 10 11 12 13 14 $1,200 6 Amount paid in cash for a 6-month insurance policy. Coverage begins on December 1 Policy term (months) Dec. 31 Dec. 31 Amount of Insurance Expense reported on the December 31 income statement Amount of Prepaid Insurance reported on the December 31 balance sheet. Which formula in cell B13 correctly calculates the amount of Prepaid Insurance reported on the December 31 balance sheet? Multiple Choice --B9-B10/B9 --B2/B10 --B9-B9/610) --B12-89 D E F G H 1 B G Supplies 2 Jan 1 400 3 Purchases 1,800 4 5 6 Jan. 1 $400 Beginning balance 7 Purchases $1,800 Purchases during the year 8 Dec. 31 $250 Supplies on hand at year-end 9 10 Dec 31 Amount of Supplies Expense reported on the December 31 income statement. 11 Dec. 31 Amount of Supplies reported on the December 31 balance sheet. 12 Which formula in cell B10 correctly calculates the amount of Supplies expense reported on the December 31 Income statement? Multiple Choice --B7-B8-B10 --B2-B3-B8 --B2-B8-B3 --B7-B8-B6 D E F G H B Supplies 400 1,800 1 2 Jan 1 3 Purchases 4 5 6 Jan 1 7 Purchases 8 Dec. 31 9 10 Dec. 31 11 Dec. 31 12 $400 $1,800 $250 Beginning balance Purchases during the year Supplies on hand at year-end Amount of Supplies Expense reported on the December 31 income statement Amount of Supplies reported on the December 31 balance sheet. Which formula in cell B11 correctly calculates the amount of Supplies reported on the December 31 balance sheet? Multiple Choice --B2-B3-B8 --B7-08-06 --B7-08-310 --B8 A D E F G B H 1 Unearned Fees 2 Dec. 1 0 3 Dec. 8 2,400 4 5 6 Dec. 1 SO Beginning balance 7 Dec. 8 $2,400 Cash received from customers in advance for work to be performed in December and January 8 December 40% Portion of work completed as of December 31. 9 January 60% Portion of work to be completed in January 10 11 Dec. 31 Amount of revenue reported on the December 31 income statement. 12 Dec. 31 Amount of Unearned Fees reported on the December 31 balance sheet. Which formula in cell B11 correctly calculates the amount of revenue reported on the December 31 Income statement? Multiple Choice --B2-B8 --B7B8 --B7-B9 O --B7-BB