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5. At the end of the accounting period, the business had $5,000 of office supplies on hand. At the beginning of the period, the amount of supplies on hand was $2,000. If the business purchased $12,000 of office supplies during the year, what amount of office supplies were used during the year? a-$ 7,000. b - $14,000 c- $10,500 d-$ 9,000 6. You have agreed to provide accounting services for a fee of $650 per month and you begin your work on April 16. You use the accrual basis of accounting for your own company. Your client makes his first payment of $650 to you on May 16. Which of the following entries will you record on May 16 when you receive the $650 cash payment? a-Cash, debit, $350 b - Cash, credit, $350 c-Cash, debit, $650 d - Cash, credit, $650 7. A tenant rented space in your company's office building on October 1 at $1,800 per month, paying seven months' rent in advance. The bookkeeper recognized a current liability of $12,600. How much of this amount remains unearned as of December 31? a-$5,400 b - $7,200 C-$12,600 d-$ 19,000 8. A company purchased a two-year fire insurance policy on June 1, 2020. It paid the $2,400 in cash on the same date. The company has adopted a 12-month accounting period ending on December 31 of each year. If the company uses the accrual basis of accounting, how much insurance expense will be recorded for the periods ended December 31, 2020. a-$700 b-$800 c- $1,200 d-$2,400

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