At the beginning of the period, January 1st, there was $1,500 of prepaid insurance on the

balance sheet of Mindless Co. for an insurance policy that expires on June 30th. The

accountants neglected to record any entries during the current accounting year related to

this insurance policy. Assume this insurance policy is related to administration, not

production. If this mistake was corrected, the effects on the following accounts would be:

Current Assets ?

Long-Term Assets ?

Current Liabilities ?

Long-Term Liabilities ?

Common Stock ?

Retained Earnings ?