The government of Wrexington, a country which has adopted American GDP accounting conventions, reported that GDP in quarter 3 was $12 billion at an annual rate. This means that the market value of all final goods and services produced within Wrexington in quarter 3 was
A.$3 billion.
B.$4 billion.
C. $12 billion.
D. $48 billion.

Wilson company paid $5,000 for a 4-month insurance premium in advance on november 1, with coverage beginning on that date. the balance in the prepaid insurance account before adjustment at the end of the year is $5,000, and no adjustments had been made previously. the adjusting entry required on december 31 is: (a) debit cash. $5,000: credit prepaid insurance. $5,000. (b) debit prepaid insurance. $2,500: credit insurance expense. $2500. (c) debit prepaid insurance. $1250: credit insurance expense. $1250. (d) debit insurance expense. $1250: credit prepaid insurance. $1250. (e) debit insurance expense. $2500: credit prepaid insurance. $2500.