On August 1, 2009, the park purchased a 12-month insurance policy. The necessary adjusting entry at January 31 includes which of the following entries? (Hint: The company has adjusted its books on a monthly basis.)
A) A debit to Insurance Expense for $1,050.
B) A credit to Unexpired Insurance for $11,550.
C) A credit to Unexpired Insurance for $1,800.
D) A debit to Unexpired Insurance for $10,800.
Correct Answer:
Verified
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