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Question 45 Rent paid for the current month is a(n) liability O revenue O expense revenue Question 46 Rent paid for future months is a(n) liability expense asset O revenue Question 47 2 pts An awareness of the normal balance of accounts would help you spot which of the following as an error in recording? O a debit balance in revenue account a debit balance in the dividends account a debit balance in an expense account O a credit balance in a liabilities accountg Next Question 48 If the total of debit balances are smaller than the total of credit balances on the trial balance, it signifies A profit O A loss The accounting equation is out of balance Assets are more than liabilities 2 pts Question 49 On July 1, a company paid the $2,400 premium on a one-year insurance policy with benefits beginning on that date. What will be insurance expense for the first year ended December 31? o $400 O $1,000 $2.400 $1,200 D Question 50 2 pts Prior to adjusting entries, the Office Supplies account had a $359 debit balance. A physical count of the supplies showed $105 of unused supplies available. The required adjusting entry is Debit Office Supplies $105 and credit Office Supplies Expense $105 Debit Office Supplies Expense $254 and credit Office Supplies $254 Debit Office Supplies $254 and credit Office Supplies Expense $254 O Debit Office Supplies Expense $105 and credit Office Supplies $105