Question: 1. The prepaid insurance account shows a debit of $6,000, representing the cost of a 2-year casualty insurance policy dated September 1 of the current year.
2. Purchase of supplies for $800 during the year was recorded in the supplies account. On December 31, supplies of $290 are on hand.
3. Interest of $770 has accrued on notes payable.
The response must be typed, single spaced, must be in times new roman font (size 12) and must follow the APA format.