34) On January 1, 2018, the Prepaid Insurance account of Dogwood Company had a beginning balance of $1,500. Three months of insurance premiums remain in this beginning balance. On February 21, 2018, the company paid an annual insurance premium in the amount of $3,400 for the period beginning March 1. On February 28, 2018, the balance in Prepaid Insurance is $1,000. A. True or B. False 35) On January 1, Nash Company had $1,000 of supplies on hand. During January, Nash purchased $5,500 worth of new supplies. At the end of the month, a count revealed $700 worth of supplies remaining on the shelves. The adjusting entry needed will include a debit to Supplies Expense of $5,800. A. True or B. False 36) Which one of the following account groups normally has a debit balance? A) assets and expenses; B) revenues and expenses; C) liabilities and revenues D) assets and liabilities