Question 20 Not yet answered Points out of 1.00 p Flag question Closing entries are: Select one: o a. Not required to be posted O b. Required to bring all temporary accounts to a zero balance prior to starting a new accounting cycle c. Generally taken from the financial statements rather than from the worksheet or the accounts themselves d. Required to bring all permanent accounts to a zero balance at the end of the accounting period PO Question 21 Not yet answered Points out of 1.00 p Flag question Which of the following plant assets is not depreciated? Select one: O a. Machines b. Furniture . Land d. Equipment Question 22 Not yet answered Points out of 1.00 Flag question Fred Company paid $48,000 for a two-year insurance policy, ($2,000 per month), on October 1 and recorded the $48,000 as a debit to Prepaid Insurance and a credit to Cash. What adjusting entry should Fred make on December 31, the end of the accounting period (no previous adjustment has been made)? Select one: a. Debit: Prepaid Insurance Credit: Insurance Expense 42,000 42,000 O b. Debit: Insurance Expense Credit: Prepaid Insurance 6,000 6,000 24,000 24,000 C. Debit Insurance Expense Credit: Prepaid Insurance O d. Debit: Prepaid Insurance Credit: Insurance Expense 6,000 6,000 Question 25 Not yet answered Points out of 1.00 Remove flag Ms. Decker started a fashion magazine company in which customers were required to pay her $120 in advance for a year's subscription in which the customer receives one magazine each month. In December 2019 she received 10,000 subscription orders and in January 2020 she published her first magazine. Please prepare the journal entry for the receipt of the subscriptions in December. Select one: O a. Debit: Cash 100,000 Credit: Unearned Subscription Revenue 100,000 b. Debit: Unearned Subscription Revenue 1,200,000 Credit: Subscription Revenue 1,200,000 o cDebit: Cash 1,200,000 Credit: Subscription Revenue 1,200,000 O d. Debit: Cash 1,200,000 Credit Unearned Subscription Revenue 1,200,000