The skysong, inc. borrowed $48800 from the bank signing a 6%, 3-month note on september 1. principal and interest are payable to the bank on december 1. if the company prepares monthly financial statements, the adjusting entry that the company should make for interest on september 30, would be: year opened for noland manufacturing with a $2810 balance in its prepaid insurance account. they purchased $9980 in insurance policies during the year. if $1795 of insurance has expired during the year, what is the year-end balance in the prepaid insurance account?