Use a standard essay format for responses to all questions (i.e., an introduction, middle paragraphs and conclusion). Begin each writing assignment by identifying the question number you are answering followed by the actual question itself (in bold type).
1. On January 1 the Prepaid Insurance account had a balance of $6,000 that represented 6 months' worth of advance payment. It is now the end of March and there have been no adjustments to the account balance. Determine the amount of expense to record at the end of March.