Question 7 (1 point) Issuance of 1,000 common shares for $1,200 cash decreases assets $1,200; decreases shareholders' equity $1,200. increases assets $1,200; increases shareholders' equity $1,200. 0 decreases liabilities $1,200; increases shareholders' equity $1,200. has no effect on total shareholders' equity. Question 8 (1 point) When a company pays three-months insurance in advance it should make no entry until the month the Insurance is due. debit Cash and credit Insurance Expense. o debit Accounts Payable and credit Prepaid Insurance. debit Prepaid Insurance and credit Cash. Question 9 (1 point) Which of the following accounts would likely not require an adjustment at year end? O Prepaid Insurance Accumulated Depreciation, Buildings Land Deferred Revenue Question 10 (1 point) On July 5th, a customer requests your company to provide an upcoming $10,000 advertising campaign. The advertising campaign is completed on July 30th. The customer is sent an invoice on August 10 and payment from the customer is received by September 15th. When should the $10,000 be recognized as revenue? July 30 September 15 August 10 July 05 Question 11 (1 point) A horizontal analysis is being conducted for Sur Ltd. with 2018 as the base year. Surtd