27) The asset account, Ofce Supplies, had a beginning balance of $3,700. During the accounting period, ofce supplies were purchased, on account, for $3,500. Supplies Expense for the accounting period is $4,100. What is the ending balance of Ofce Supplies? A) $7,200; B) $3,100; C) $4,100; D) $4,300; E) None of the above 28) Murphy Company prepaid $8,400 on October 1, 2018 for a one-year insurance premium. Coverage begins October 1. On January 1, 2019 (after December 31 adjustments), the Prepaid Insurance account will have a debit balance of . (Round any intermediate calculations to two decimal places, and your nal answer to the nearest whole number.) A) $7,000; B) $9,100; C) $8,400; D) $6,300; E) None of the above 29) Which financial statement is prepared last? A) income statement; B) balance sheet; C) statement of owner's equity D) The nancial statements can be prepared in any order. 30) Which of the following is NOT a balance sheet account? A) Unearned Revenue; B) Prepaid Rent; C) Accumulated Depreciation Building; D) Owner, Withdrawals 31) The adjusting process zeroes out all revenue accounts and all expense accounts. A. True or B. False 32) As a part of the closing process, revenues and expenses may be closed to a temporary account called the Net Income (Loss). True or B. False 33) In the closing process, the Owner, Withdrawals account is always closed to the Owner, Capital account. True or B. False 34) A business starts each new time period with a zero beginning balance in permanent accounts. True or B. False