Prepaid expenses—Insurance a. Use the horizontal model or write the journal entry to record the payment of a one-year insurance premium of 53,000 on March 1.
b. Use the horizontal model or write the adjusting entry that will be made at the end of every month to show the amount of insurance premium "used" that month.
c. Calculate the amount of prepaid insurance that should be reported on the December 31 balance sheet with respect to this policy.
d. If the premium had been 56,000 for a two-year period, how should the prepaid amount at August 31 of the first year be reported on the balance sheet?
e. Why are prepaid expenses reflected as an asset instead of being recorded as an expense in the accounting period in which the item is paid?

1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know

answer; commerce clearing house;

answer///a coalition;