27) On April 1, a $4,800 premium on a one-year insurance policy on equipment was paid and charged to Prepaild Insurance. At the end of the year, the financial statements would report A. Insurance Expense, $4,800; Prepaid Insurance $O B. Insurance Expense, $3,600, Prepaid Insurance $1,200 C. Insurance Expense, $3,650, Prepaid Insurance $4,800 D. Insurance Expense, $1,200; Prepaid Insurance $3,600 28) Which financial statement provides information for a point in time only? A. Statement of Cash Flows 8. Income Statement. C. Balance Sheet D. Statement of Stockholders' Equity 29) Which of the following describes the purpose(s) of closing entriesi A. Adjust the balances of asset and liability accounts for unrecorded activity during the period 8. Transfer the balances of temporary accounts to common stock C Reduce the balances of the temporary accounts to zero to prepare them for measuring actlvity in the period. D. Transfer the balances of temporary accounts to common stock; reduce the balances of the temporary accounts to zero to prepare them for measuring activity in the next period 30) Which of the following is true concerning temporary and permanent accounts? A. Cash is a temporary account. 8. Permanent accounts represent activity over the entire life of the company C. Permanent accounts must be closed at the end of every reporting period D. Temporary accounts represent activity over the previous three years. 31) The Retained Earnings account had a beginning credit balance of $26,000. During the period, the business had a net loss $12,000, and the company paid dividends of $8,000. The ending balance in the Retained Earnings account is: A $6,000 B. $30,000 C$22,000 D $14,000