The Prepaid insurance account of Wild Rain River Traders shows a balance of ... The Prepaid insurance account of Wild Rain River Traders shows a balance of $900 net of GST representing a payment on 1 July 2018 of a three-year insurance premium. The correct adjusting entry on 31 December 2018, the close of the annual accounting period, is: Select one: a. Prepaid Insurance DR $150, Insurance Expense CR $150 b. Insurance Expense DR $300, Prepaid Insurance CR $300 c. Insurance Expense DR $150, Prepaid Insurance CR $150 d. Insurance Expense DR $900, Prepaid Insurance CR $900 Assume the business uses the perpetual inventory system, what is the journal... Assume the business uses the perpetual inventory system, what is the journal to record Purchased of 240 units of inventory for $220 each on credit. (Assume GST does not apply): Select one: a. Debit inventory $52800, debit GST $5280, credit accounts payable $58080 O b. Debit accounts payable $52800, credit inventory $52800 c. Debit inventory $52800, credit accounts payable 52800 O d. Debit accounts payable $52800, credit purchases $52800 Under the periodic inventory system what is the entry for the credit purchase... Under the periodic inventory system what is the entry for the credit purchase of 10 Laser Printers at $250 per Print plus GST of 10% Select one: a. Debit purchases $2500, debit GST outlays $250, credit accounts payable $2750 b. Debit purchases $2750, credit accounts payable $2750 c. Debit purchases $2750, credit accounts payable $2500, credit GST outlays $250 Od. Debit accounts payable $2750, credit purchases $2500, credit GST outlays $250 Telephone expenses for the year are $13 200. This amount is made up of cash...! Telephone expenses for the year are $13 200. This amount is made up of cash payments of $12 500 and accrued telephone expenses of $700. What is the amount of telephone expenses that is closed to the profit and loss summary account? Select one: a. $12 500 b. $13 200 c. Nil d. $700 Which statement relating to inventory is not correct? Which statement relating to inventory is not correct? Select one: O a. It is a very active asset, continually being acquired, sold and replaced b. It makes up a significant portion of a retailer's assets c. Another name for inventory is stock-in-trade d. It is classified as a non-current asset in the balance sheet ES