$8,400 was paid on August 1 for a one year insurance policy. The premium was charged...

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$8,400 was paid on August 1 for a one year insurance policy. The premium was charged to Prepaid Insurance on August 1. Adjusting entry at Dec. 31 to record Insurance Expense for the year is: Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a debit Insurance Expense, $4,900; credit Prepaid Insurance, $4,900. b. credit Insurance Expense, $4,900; debit Prepaid Insurance, $4,900. debit Insurance Expense, $3,500; credit Prepaid Insurance, $3,500. credit Insurance Expense, $3,500; debit Prepaid Insurance, $3,500. $8,400 was paid on August 1 for a one year insurance policy. The premium was charged to Prepaid Insurance on August 1. Adjusting entry at Dec. 31 to record Insurance Expense for the year is: Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a debit Insurance Expense, $4,900; credit Prepaid Insurance, $4,900. b. credit Insurance Expense, $4,900; debit Prepaid Insurance, $4,900. debit Insurance Expense, $3,500; credit Prepaid Insurance, $3,500. credit Insurance Expense, $3,500; debit Prepaid Insurance, $3,500.

Answer rating: 100% (QA)

The correct option is C The adjusting entry at Dec 3... View the full answer