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The January 1, 2013, balance in the Prepaid Insurance account was $3,150 and represented the ...

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The January 1, 2013, balance in the Prepaid Insurance account was $3,150 and represented the ...

The January 1, 2013, balance in the Prepaid Insurance account was $3,150 and represented the unexpired portion of a two-year policy purchased October 1, 2012. What is the required year-end adjusting journal entry on December 31, 2013?
A)
Dr. Insurance Expense   1,575
Cr. Prepaid Insurance     1,575

B)
Dr. Insurance Expense   1,800
Cr. Prepaid Insurance     1,800

C)
Dr. Prepaid Insurance   1,575
Cr. Insurance Expense     1,575

D)
Dr. Prepaid Insurance   3,150
Cr. Insurance Expense     3,150

Textbook

Accounting, Volume 1, Canadian Edition

Edition: 9^th

Authors: Horngren, Harrison, Johnston, Meissner, Norwood

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Good timing, thanks!

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This helped my grade so much Perfect

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