Question 33 LE Seter Company purchned a one year fue Insurance policy on May 1, 2021 fet cath of 560.000. The policy became effective on May 1, 2021. Jeter is preparing its financial statements for the month May 31, 2021. What is the adjusting journal entry to be made at May 31, 2021? O Dance 0.000 40 000 OD 00.000 000 5.000 5.000 DOO Question 34 In calculating the net cash provided by or used in operating activities using the indirect method, which of the following items would be added to net income? O Aincrease in Sales Tax Payable An increase in Prepaid inunn An Inventory An increase in Eoint The revenue recognition principle states that: revenue should be recognized in the accounting period in which a performance obligation is satisfied cash flows is the premise for recognizing revenue cxpenses are required to be recorded when they are paid revenue is required to be recorded when the cash is collected expenses should be matched with revenues