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Smokey Company purchases a one-year insurance policy on July 1 for $3,792. The adjusting entry...

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Accounting

Smokey Company purchases a one-year insurance policy on July 1 for $3,792. The adjusting entry on December 31 is

a.debit Insurance Expense, $2,212; credit Prepaid Insurance, $2,212

b.debit Insurance Expense, $1,580; credit Prepaid Insurance, $1,580

c.debit Insurance Expense, $1,896; credit Prepaid Insurance, $1,896

d.debit Prepaid Insurance, $1,896; credit Cash, $1,896

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