You are logged in as Sunny Carolus Notebou P Flag question Questions 22 and 23 are based on the following facts: The Blumer Company entered into the following transactions during 2017: fferences. These differene al financial statem Sects of acht before 1. Pred 2. Collected 1. The company was started with $22,000 of common stock issued to investors for cash. 2. On July 1, the company purchased land that cost! $15,500 cash. 3. There were $700 of supplies purchased on account. 4. Sales on account amounted to $9,500. 5. Cash collections of receivables were $5,500. 6. On October 1, the company paid $3,600 in advance for a 12-month insurance policy that became effective on October 1. 7. Supplies on hand as of December 31, 2017 amounted to $225. + Pad Saschi Notice the soos The amount of insurance expense reported on the income statement for 2017 would be: recognized only $400 currently shown on the recognized, only $25 bligation is shown as evelop a clear understa Also, the definitions 1. Revenue Reven accompanied by an Sve to custome Select one: a. $900. O b. $2,400. c. $300 O d. $600 2. Expense: An expe recognition is cool Chapters 1 and 2 focu listomers. Examples ervices, and legal ser enerate revenue by se Question 24 Not yet answered Points out of 3.00