On October 1, 2013, Jay Walker Company purchased a one-year insurance policy for $660. The correct adjusting entry on December 31, 2013, is
A) debit Insurance Expense $660; credit Prepaid Insurance $660
B) debit Insurance Expense $495; credit Prepaid Insurance $495
C) debit Prepaid Insurance $55; credit Insurance Expense $55
D) debit Insurance Expense $165; credit Prepaid Insurance $165
Correct Answer:
Verified
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