QUESTIONS On January 1, 2021. Yenity Ino paid $4,000 for an insurance premium on a four your insurance policy. At the end of December, 2021, Teinity calend-year, w should be the balance in the prepaid insurance account? OSO $3,000 O c $4,000 d. $1.000 QUESTION 7 On June 1. Luna, Inc. purchased $2,300 worth of supplies on account. Prior to the purchase, the balance in the supplies account was $350. On December 31, the fiscal year-end for Luna, it is determined that $1,700 of supplies still remain. What is the ending balance in the supplies account? a $0 b. $2.150 O c. $1,700 d. $950