6. Use T-accounts to help you do this exercise in your Workbook. The Kaleido Glass Shop began business on October 1, 20-0. Its first fiscal year ended on September 30, 20-1. On January 1, 20-1, $720 was paid for a truck licence for the 20-1 calendar year. A. Give the accounting entry to record the above transaction. 2B. Calculate the value for prepaid licences on September 30, 20-1. C. Calculate the truck licence expense for the fiscal period ended September 30, 20-1. D. Give the adjusting entry necessary at September 30, 20-1. On January 1, 20-2, $720 was paid for the truck licence for the 20-2 calendar year. E. Give the balance in the Prepaid Licences account after recording the above payment. F. Calculate the value for prepaid licences on September 30, 20-2. G. Calculate the truck licence expense for the fiscal period ended September 30, 20-2. ANSWERS TO SECTION 9.1 EXERCISES (cont.) Exercise 6, p. 309 Prepaid Licences Truck Licence Expense Bank