During October the Wilson Company incurred the following costs:

(a) At the beginning of the month, the company paid $600 to an insurance agency for a two-year comprehensive insurance policy on the company’s building.

(b) The company purchased office supplies costing $970 on credit from Bailey's Office Supplies.

(c) The company paid the telephone company $110 for telephone service during October.

(d) The owner withdrew $1,200 for personal use.

(e) The company found that of the $970 of office supplies purchased in (b), only $900 remained at October 31.

Required: For each of the preceding items, identify whether it would be recorded as an asset or an expense by the Wilson Company for October. List the dollar amount and explain your reasoning.  lo7