Binford Corporation purchased a $600 two-year insurance policy for cash.The journal entry would require a:
A) debit to Prepaid Insurance and a credit to Cash.
B) debit to Insurance Expense and credit to Cash.
C) debit to Insurance Expense and a credit to Accounts Payable.
D) debit to Insurance Expense and a credit to Retained Earnings.
Correct Answer:
Verified
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