Question: please help quickly with these accounting questions. will give thumbs up! Which of the following accounts is most likely to appear on the balance sheet


Which of the following accounts is most likely to appear on the balance sheet as a current liability? Select one: a. Accounts Payable O b. Long term bonds payable O c. Accounts Receivable O d. Retained Earnings A one year insurance policy with a face amount of $4,000,000 was purchased on December 1, 2022 for $1,200. The policy period begins on December 1, 2022 and ends on November 30, 2023. The journal entry on December 1 to record the purchase of the insurance coverage will be? Select one: a. Debit Prepaid Insurance and Credit cash for $1,200 b. Debit cash and credit insurance expense for $1,200 O c. Debit insurance expense and credit cash for $1,200 O d. No journal entry is required. O e. Debit cash and credit prepaid insurance for $1,200. A one-year insurance policy with a face amount of $4,000,000 was purchased on December 1, 2022, for $1,200. The policy period begins on December 1, 2022, and ends on November 30, 2023, Assume the company records all necessary adjusting journal entries at month-end. The adjusting journal entry on December 31 will be? Select one: a. debit insurance expense and credit prepaid insurance for $1,100 b. Debit insurance expense and credit cash for $100 O c. debit prepaid insurance and credit insurance expense for $100 O d. No journal entry is required on December 31, 2022. e. Debit insurance expense and credit prepaid insurance for $100
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