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Yummy Foods purchased a two-year fire and extended coverage insurance policy on August 1, 2024,...

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Question

Accounting

Yummy Foods purchased a two-year fire and extended coverage insurance policy on August 1, 2024, and charged the $4,080 premium to Insurance expense. At its December 31, 2024, year-end, Yummy Foods would record which of the following adjusting entries?

Multiple Choice

Account TitleDebitCreditPrepaid insurance3,230 Insurance expense 3,230Account TitleDebitCreditInsurance expense850 Prepaid insurance 850Account TitleDebitCreditPrepaid insurance850 Insurance expense 850Account TitleDebitCreditInsurance expense850 Prepaid insurance3,230 Insurance payable 4,080

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