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18 Tank & Franks, a local construction company, purchased a 12-month insurance policy on...

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Accounting

18
Tank & Franks, a local construction company, purchased a 12-month insurance policy on August 1 and recorded the $4,200 premium to prepaid insurance. At its December 31 year-end, Tank & Franks would record which of the following adjustments?
5
points
Multiple Choice
01:31:39
Increase Insurance Expense and Decrease Prepald Insurance for $1,750.
Increase Prepaid Insurance and Decrease Insurance Expense for $1,750.
Increase Insurance Expense and Decrease Prepaid Insurance for $2,450.
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