Diane's Designs purchased a one-year liability insurance policy on March 1 of this year for $8,400 and recorded it as a prepaid expense. Which of the following amounts would be recorded for insurance expense during the adjusting process at the end of Diane's first month of operations on March 31?
a. $7,700
b. $700
c. $840
d. $8,400

Answer rating: 100% (QA)

DD Company purchased one year liability insurance policy for 8400 The transaction ma... View the full answer