Bookkeeping Exercise 1) We always pay a deposit in December to hold the banquet all for the following year for a staff function. What account should this be posted to? Account name Is this account an (circle one) Asset, liabilities, income, expense 2) Our insurance policy renews in November of every year. The premium for 20152016 is $12,000. We have paid the $12,000 upon receipt in October. What is the entry in October for the amount paid? 3) We are finishing the month end and for some reason the Hydro company has not sent us our statement for the prior month. It is usually around $2,000 for the month. What is the entry that I would post at month end? What would the subsequent entry be upon receipt of the Hydro statement which was actually $2,100