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The following case related to the question 9 and 10. I The company has paid...

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Accounting

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The following case related to the question 9 and 10. I The company has paid for insurance coverage for 1 year on 1" of January 2017. The price of the insurance is $24,000. The financial year end is 31 December 2017. (3 points) 9. Which of the following journal entries should be provided on 1" of January 2017. A Dr Prepayment 24,000 Cr Cash 24,000 B Dr Cash Cr Prepayment 24,000 24,000 24,000 C Dr Prepayment Cr Receivable 24,000 24,000 D Dr Expense Cr Prepayment 24,000 (3 points) 10. Which of the following journal entries should be provided at the 1" of June 2017? A Dr Prepayment 10,000 Cr Expense 10,000 10,000 B Dr Expense Cr Prepayment 10,000

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