Question 36 (2 points) A trial balance: 1) Must net to zero. 2) is a list of ledger accounts and their balances at a point in time. 3) Has equal debits and credits. 4) All of the above. Question 43 (2 points) Assume a company records prepaid expenses in balance sheet accounts when they are paid. The adjusting entry to record use of a prepaid expense is: 1) Increase an asset: increase expense. 2) Decrease a liability: increase revenue. 3) Increase an expense; decrease an asset. 4) Increase an expense; decrease a liability Question 44 (2 points) 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 the insurance expense on the annual income statement for the first year ended December 31? 1) $1.200 2) $2,400 3) $1,000 4) $1,400