only choose the right answer : On November 1, 2023, IGREG renews its insurance policy for a period of 2 years. The total cost of the insurance policy is $42,000 paid in full upon signing the new contract. On November 01, 2023, IGREG posted the insurance policy to the Prepaid Insurance account. On December 31, 2023, in the IGREG log, it is necessary to: Question options:

Debit Insurance for $3,500 and credit Prepaid Insurance for $3,500

Debit Prepaid Insurance for $3,500 and credit Insurance for $3,500

Debit Prepaid Insurance for $5,250 and credit Insurance for $5,250

Debit "Insurance" for $3,500 and credit "cash" for $3,500

2) On March 04, 2023, cash purchase of land for $200,000. In the newspaper, you must: Question options:

Debit land for $200,000 and credit suppliers for $200,000

Debit land for $200,000 and credit note payable for $200,000

Debit land for $200,000 and credit cash for $200,000

Debit land for $200,000 and credit loan for $200,000

3) Question ABC Company's accounting records show purchases of $9,000 in 2022. A physical count of inventory as of December 31, 2022 revealed a ending inventory of $4,000. The initial stock for 2022 was $5,000. The cost of goods sold in 2022 is: Question 13 options:

$9,000

$4,000

$10,000

$5,000