The following are selected accounts of Laura Gibson Company on December 31. Indicate if the account is permanent or temporary and the normal balance in terms of debit or credit Purchases Choose.. Rent expense Choose... temporary; credit Cash temporary; debit Common stock permanent; credit Accoutns payable permanent; debit Accounts Receivable Choose... Utility expense Choose... Sales Choose... Equipment Choose... Selling expenses Choose... A auditor's report is the formal presentation of all the effort that goes into an audit. Below is a list of the classifications of audit opinions that can be found in an auditor's report as well as a list of phrases describing the audit opinions Match the description with the audit opinion. This type of report is rendered when the auditor has not performed an audit sufficient in scope to form an opinion Choose... Choose... This opinion states that the financial statements present fairly, in all material respects, the financial position, results of operations, and cash flows of the entity, in conformity with GAAP Qualified opinion Unqualified opinion This opinion states that the financial statements do not present farly the financial position, results of operations, or cash flows of the entity in conformity with GAAP Disclaimer of opinion Adverse opinion This opinion states that, except for the effects of matters to which the qualification relates, the financial statements present fairly, in all material respects, the financial position, results of operations, and cash flows of the entity, in conformity with GAAP Choose. A company prepares financial statements in order to summarize financial information. Below are a list of financial statements and a list of descriptions. Match each financial statement with its description. Details the sources and uses of cash during a specified Choose... of time. Choose... Shows the financial condition of an entity as of a specified date Presents a reconciliation of the beginning and ending balances of the stockholders' equity accounts Statement of Cash Flows Statement of Stockholders' Equity Income statement Summary of revenues and expenses and gains and losses for a specified period of time. Balance sheet The Jones Company debits prepaid insurance for insurance premiums paid. During the year insurance expense is computed for interim periods and insurance expense is debited and prepaid insurance is credited. Information for the year ended December 31, 2012 follows: $180,000 Prepaid Insurance December 31, 2011 $320,000 Insurance expense $170,000 Prepaid Insuracne december 31, 2012 Determine the insurance premiums paid during 2012
