Yummy Foods purchased a two-year fire and extended coverage insurance policy on August 1, 2021, and charged the $3,960 premium to Insurance expense. At its December 31, 2021, year-end, Yummy Foods would record which of the following adjusting entries? Multiple Choice Insurance expense Prepaid insurance Insurance payable 825 3, 135 3,960 S ro Prepaid insurance Insurance expense 3,135 3,135 825 Prepaid insurance Insurance expense 825 825 Insurance expense Prepaid insurance 825 On December 31, 2021, the end of Larry's Used Cars' first year of operations, the accounts receivable was $54,000. The company'estimates that $2,900 of the year-end receivables will not be collected. Accounts recevable in the 2021 balance sheet will be valued at Multiple Choice $51,100 es $56.900. $54,000. $2.900. An example of a contra account is: Multiple Choice Sales revenue Depreciation expense. Accounts receivable. Accumulated depreciation. Cal Farms reported supplies expense of $1,700,000 this year. The supplies account decreased by $150,000 during the year to an ending balance of $410,000. What was the cost of supplies the Cal Farms purchased during the year? Multiple Choice $1,850,000. $1,550,000 $2,110,000 To $1,290,000