Business, 27.03.2020 22:50 nayy57

What is the proper adjusting entry on December 31, the end of the accounting period, if the balance in the prepaid insurance account is $8,150 before adjustment, and the unexpired amount per the analysis of policies is $3,450?

A. Debit Insurance Expense, $8,150; credit Prepaid Insurance, $8,150.
B. Debit Prepaid Insurance, $4,700; credit Insurance Expense, $4,700.
C. Debit Insurance Expense, $3,450; credit Prepaid Insurance, $3,450.
D. Debit Insurance Expense, $4,700; credit Prepaid Insurance, $4,700.
E. Debit Cash, $8,150; Credit Prepaid Insurance, $8,150.

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What is the proper adjusting entry on December 31, the end of the accounting period, if the balance...

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