4.

Richard Redden contributed $76,000 in cash and land worth $142,000 to open a new business, RR Consulting. Which of the following general journal entries will RR Consulting make to record this transaction?

• Debit assets $218,000; Credit Redden, Capital $218,000.

• Debit Cash and Land, $218,000; Credit Redden, Capital $218,000.

• Debit cash $76,000; debit land $142,000; Credit Redden, Capital $218,000.

• Debit Redden, Capital $218,000; credit cash $76,000; credit land $142,000.

• Debit Redden, Capital $218,000; credit assets $218,000.

9.

On April 1, a company paid the $4,200 premium on a three-year insurance policy with benefits beginning on that date. What amount of the insurance expense will be reported on the annual income statement for the year ended December 31?

• $4,200.00.

• $1,400.00.

• $3,150.00.

• $1,050.00.

• $116.67.