The following transactions occurred during April 2020 for Algoma Restaurants: 1) Received $10,000 from the Aisha, the owner of the business; 2) Received $2,000 cash for food services provided to a customer during the month; 3) Borrowed $6.000 from the bank by signing a promissory note; 4) Received $1,000 from a customer in payment for services to be rendered next year; 5) Received $1,500 from a customer in partial payment of her account receivable which arose as a result of sales during March 2020; and 6) Rendered food services to a customer on credit, for $3,000. How much revenue was earned in April 2020?* O $1,500 O $2,000 O $3,000 O $5,000 0 $7,500 Acti The remaining balance in Prepaid Insurance on December 31, 2021 of $12,600 was for a six-month insurance policy purchased for $16,800 and in effect on July 1, 2020. What is the required adjustment amount on December 31st? O $4,750 $8,750 O $5,000 O $4,500 O $2,800 Although land is not depreciated, items that increase the usefulness of the land such as parking lots are depreciated. * True False