QUESTION 4 On January 1, 2018, Ryan Company paid the premium on a three-year insurance policy in the amount of $6,000. At that time, the full amount paid was recorded as prepaid insurance. After recording the adjusting entry for the insurance policy on December 31, 2018, what would be the balance in Ryan Company's prepaid insurance account? O a. $6,000 b. $4,000 C. $2,000 O d. $3,000 QUESTION 5 On January 1, 2019, the general ledger of Universal Corporation included supplies of $1,000. During 2019, supplies purchased amounted to $5,000. A physical count of inventory on hand at December 31, 2019 determined that the amount of supplies on hand was $1,200. How much is the supplies expense for year 2019? a. $6,000 b. $5,200 O c. $1,000 O d. $4,800