Oakville Inc.purchased a 12-month insurance policy on March 1 2022 for $2400.At March 31 2022 the adjustment to record expiration of this asset will include:
A) an increase to Prepaid Insurance and a decrease to Cash for $2400.
B) an increase to Prepaid Insurance and a decrease to Insurance Expense for $240.
C) an increase to Insurance Expense and a decrease to Prepaid Insurance for $200.
D) an increase to Insurance Expense and a decrease to Cash for $200.
Correct Answer:
Verified
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