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somerset leasing received $12000 )Ace Bonding Company purchased merchandise inventory...

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Accounting

somerset leasing received $12000
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)Ace Bonding Company purchased merchandise inventory on account. The inventory costs and is expected to sell for $3,000. How should Ace record the purchaset Inventory Accounts payable B) Deferred revenue ales in advance ost of goods sold 2,00 Inventory payable 2,000 D) 2,00 Profit 3,00 Sales payable 23) On December 31, 2017, Coolwear, Inc. had a balance in its prepaid insurance account of $48,400. entries were recorded, the balance in the prepaid insurance account was 42,000. Insurance expense for 2018 would be: A) $6,400 B) $134,400. C) $86,000. During 2018, $86,000 was paid for insurance. At the end of 2018, after adjusting 92,400 Sales payable 23) On December 31, 2017, Coolwear, Inc, had a balance in i $48,400. During 2018, $86,000 was paid for insurance. At th entries were recorded, the balance in the prepaid insurance a expense for 2018 would be: A) $6,400 B) $134,400. C) $86,000 (D)892,400

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