Principles of Accounting 1 During 2020 Canada Company paid out $20 500 in wages from its bank account. At year-end 2020 wages but uses accrual accounting. How much would be reported as wages expense and wages accrued be for 20207 Select one: a. $19 700 ans 300 b. $21 00 nd $800 c. $21 700 and zero d. $21 300 and $800 Cinciples of Accounting 1 The prepaid insurance account of Canada Traders shows a balance of $1 200, representing a payment on 1 July 2020 of a two-year premium. After adjustment on 31 December 2020, the close of the annual accounting period: Select one: a. insurance expense in the income statement is $600 and prepaid insurance in the balance sheet is $600. b. insurance expense in the income statement is $0 and prepaid insurance in the balance sheet is $10. c. insurance ex nse in the income statement is $300 and prepaid insurance in the balance sheet is $900. d. insurance expense in the income statement is $1 200 and prepaid insurance in the balance sheet is so Canada Company received a $2 000 advance payment from a customer for work to be carried out in the next accounting period. Which of the following is the correct accounting entry to initially record the $2000? Select one: a. Debit bank $2 000; credit accounts payable $2 000 b. Debit income earned $2 000; credit bank $2 000 c. Debit unearned income $2 000; credit bank $2 000 d. Debit bank $2 000; credit unearned income $2 000