The following accounts and balances were drawn from the records of Carolina Company on December 31, Year 1: Cash $ 2,800 Accounts receivable $ 1,300 Dividends $ 1,400 Common stock $ 1,875 Land $ 1,700 Revenue $ 1,700 Accounts payable $ 900 Expense $ 1,000 Total assets on Carolina's December 31, Year 1 balance sheet would amount to

Wilson company paid $5,000 for a 4-month insurance premium in advance on november 1, with coverage beginning on that date. the balance in the prepaid insurance account before adjustment at the end of the year is $5,000, and no adjustments had been made previously. the adjusting entry required on december 31 is: (a) debit cash. $5,000: credit prepaid insurance. $5,000. (b) debit prepaid insurance. $2,500: credit insurance expense. $2500. (c) debit prepaid insurance. $1250: credit insurance expense. $1250. (d) debit insurance expense. $1250: credit prepaid insurance. $1250. (e) debit insurance expense. $2500: credit prepaid insurance. $2500.