Question

1. The beginning balance in prepaid insurance is $45,000. Theending balance in prepaid insurance is $55,000. During the year,the company recorded $75,000 of insurance expense. How muchinsurance was purchased during the year?

2. The beginning balance inprepaid insurance is $55,000. The ending balance in prepaidinsurance is $45,000. During the year, the company paid $75,000 forinsurance. What was insurance expense during the period?

3. The ending balance in unearnedrent revenue is $25,000. Associated rent revenue for the period is$220,000. During the period, the company received $160,000 cashthat was credited to unearned rent revenue. Wage expense for theperiod is $30,000. Payments for wages were $27,000. What was thebeginning balance in unearned rent revenue?