Answer:
B. Debit insurance expense for $13,500 and credit prepaid insurance for $13,500.
Explanation:
If 6 months past from the beginning of the contract then these past 6 months must be reflected as expenses in the balances.
$13,500 reflect the expenses of the past 6 months from July 1 to December 31, then the entry Debit insurance expense for $13,500 and credit prepaid insurance for $13,500 reflect the proper balances at the end of the year.
Answer:
The answer is: $150,000
Explanation:
The GDP includes all the final, finished and legal products produced in the country during a year.
The apples sold directly by the farmer to individual consumers and the apples the grocery store sells to households are both going to be included in the GDP.
The only apples not included in the GDP are the once sold to the company that produces apple juice, since they are intermediate goods and not finished goods.
