Take Quiz Question 9 The company pays $1,200 for a year of insurance Debit Cash $1,200 and credit Prepaid Insurance $1,200 Debit Insurance Expense $1,200 and credit cash $1,200 Debit Prepaid Insurance $1,200 and Credit cash $1,200 Debit Prepaid Insurance and Credit Accounts Payable $1,200 Debit Insurance Expense $1,200 and Credit accounts payable $1,200 Question 10 Company borrows $40,000 from the bank in return for a note Debit Cash $40,000 and credit Note payable $40,000 O Debit Note Payable $40,000 and Credit Cash $40,000 O Debit Cash $40,000 and credit Revenue $40,000 O Debit Revenue $40,000 and credit cash $40,000 O Debit Cash $40,000 and credit Accounts Receivable $40,000