On September 1, 2019, Jay Walker Company purchased a one-year insurance policy for $1,320. The correct adjusting entry on December 31, 2019, is:
A) debit Prepaid Insurance $110; credit Insurance Expense $110
B) debit Insurance Expense $330; credit Prepaid Insurance $330
C) debit Prepaid Insurance $1,320; credit Insurance Expense $1,320
D) debit Insurance Expense $440; credit Prepaid Insurance $440
Correct Answer:
Verified
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