Less than 80% of all cases are settled before they go to trial

On April 30, 2004, a three-year insurance policy was purchased for $18,000 cash with coverage to begin immediately. What is the amount of Prepaid Insurance that would appear on the company's financial statements for the year ended December 31, 2004?

A) $ 500. B) $ 4,000. C) $ 6,000. D) $14,000. E) $13,500

The following transactions for the month of March have been journalized and posted to the proper accounts

Mar. 1 The business received $7,000 cash and issued common stock to stockholders. Mar. 2 Paid the first month's rent of $500. Mar 3 Purchased equipment by paying $2,000 cash and executing a note payable for $6,000. Mar. 4 Purchased office supplies for $700 cash. Mar. 5 Billed a client for $12,000 of design services completed. Mar. 6 Received $9,000 on account for the services previously recorded. What is the balance in Accounts Receivable? A) $9,000 B) $3,000 C) $6,000 D) $12,000