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LSUS inc. purchased an one-year hazard insurance polizy on August 1 and recorded the $12,000...

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Accounting

LSUS inc. purchased an one-year hazard insurance polizy on August 1 and recorded the $12,000 premium to prepaid insurance. suppose the policy will be usad everly every month, at its December 31 year-end, LSUS inc would record which of the following adjusting entries?
a. Debit insurance expense by $5,000, credit prepaid insurance by $5,000
b. Debit insurance expense by $9,000, credit prepaid insurance by $9,000
c. Debit insurance expense by $5,000, debit prepaid insurance by $7,000, credt accounts payable by $12,000
d. Debit prepaid insurance by $3,000, credit insurance expense by $3,000
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