For M Ltd the general journal entry for a sale of $3300, including GST, paid for by the customer with a bank issued credit card, is which of the following? Debit bank $3300; credit sales $3000; credit GST collected $300 Debit bank $3300; credit sales $3300 Debit accounts receivable $3300; credit sales $3000; credit GST collected $300 Debit bank $3000; debit GST collected $300; credit sales $3300 On 1 July 2014 Tan Traders paid $600, representing a two-year insurance premium. The $600 was initially recorded in the insurance expense account. The correct adjusting entry December 2014, the close of the annual accounting period, is which of the following? Assume year end is 31 December. Debit insurance expense $150; credit prepaid insurance $150 Debit prepaid insurance $150; credit insurance expense $150 Debit prepaid insurance $300; credit insurance expense $300 Debit prepaid insurance $450; credit insurance expense $450 Tan Traders is owed $350 interest on an investment which has not been received by 31 December 2014 , the last day of the accounting year. The adjusting entry is which of the following? Debit interest income $350; credit accounts receivable $350 Debit interest income $350; credit accrued interest $350 Debit accounts receivable $350; credit interest income $350 Debit bank $350; credit interest income $350 Which of these accounts should be closed to the profit or loss summary account at the end of the financial period? Depreciation expenses Accumulated depreciation Prepaid insurance Insurance payable the sale on the income statement? $20000 loss $160000 loss $80000 profit $20000 profit cash what is the profit or loss on disposal of the old machine? (Ignore GST.) $800 gain $3800 loss $2000 loss $200 loss Which of these accounts is closed to the profit or loss summary account? Owner's drawings GST outlays Depreciation expense Prepaid insurance