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5. What is the proper adjusting entry at June 30, the end of the fiscal year, based on a prepaid insurance account balance before adjustment, $18,500, and unexpired amounts per analysis of policies of $6,000? a. Debit Insurance Expense, $6,000; Credit Prepaid Insurance, $6,000. b. Debit Insurance Expense, $18,500; Credit Prepaid Insurance. $18.500. C. Debit Prepaid Insurance, $12,500; Credit Insurance Expense, $12,500. d. Debit Insurance Expense, $12,500; Credit Prepaid Insurance, $12,500 6. NWA Air Charter signed a four-month note payable in the amount of $20,000 on September 1. The note requires interest at an annual rate of 9%. The amount of interest to be accrued at the end of September is a. $150. b. $200 c. $600. d. $1,800. 7. Uncle Tupelo's Gifts signs a three-month note payable to help finance increases in inventory for the Christmas shopping season. The note is signed on November 1 in the amount of $75,000 with annual interest of 12%. What is the adjusting entry to be made on December 31 for the interest expense accrued to that date, if no entries have been made previously for the interest? 1,500 a. Interest Expense 1,500 Interest Payable b. Interest Expense 2,250 Interest Payable 2,250 Interest Expense 1,500 Cash 1,500 d. Interest Expense 1,500 Notes Payable 1,500 C. 8. What is the proper adjusting entry at June 30, the end of the fiscal year, based on a prepaid insurance account balance before adjustment, $15,500, and unexpired amounts per analysis of policies of $6,000? a. Debit Insurance Expense, $6,000; Credit Prepaid Insurance, $6,000. b. Debit Insurance Expense, $15,500; Credit Prepaid Insurance, $15,500. C. Debit Prepaid Insurance, $9,500; Credit Insurance Expense, $9,500. d. Debit Insurance Expense, $9,500; Credit Prepaid Insurance, $9,500. A&LOS, STAP, Dickey M TOTO AACSB: Ama, AICPA BB: None, AICPA FN: R A ICHA RC Mong