What account(s) are iln a post-closing trial balance? a. Dividends Declared. O b. Unearned Revenue. c. Depreciation Expense. d. Patent Amortization. On October 1, 20X7, XYZ Co. purchased a fire insurance policy for $4,800 covering business property for the next 8 months (from October 1, 20X7 through May 31, 20X8), recording the entire Insurance payment as prepaid insurance on the purchase date. If adjusting entries are made monthly what was the balance in the account "prepaid insurance" on March 1, 20XB? a $600. b. $2,400 c. $1,800 d. $3,000 On October 1, 20X7, XYZ Co. purchased a fire insurance policy for $10,200 covering business property for the next 8 months (from October 1, 20x7 through May 31, 20x8), recording the entire insurance payment as prepaid insurance on the purchase date. If adjusting entries are made monthly, what adjusting journal entry is needed on November 30, 20x7? 2,560 Debit: Insurance expense. a Credit: Cash.... 2,650 1.275 Debit: Insurance expense cb. Credit: Cash... 1,275 Debit: Insurance expense .1,275 De Credit: Prepaid insurance... 1,275 Debit: Insurance expense... 2,550 d. Credit: Prepaid insurance.. 2,550