: On January 2, 2016, Tucson Co. purchased a general liability insurance policy for $3,600 for coverage for the calendar year. The entire $3,600 was
: On January 2, 2016, Tucson Co. purchased a general liability insurance policy for $3,600 for
coverage for the calendar year. The entire $3,600 was charged to Insurance Expense on January
2, 2016. If the firm prepares monthly financial statements, the proper adjusting entry on January
31, 2016, will be:
Select one:
a.
Insurance Expense..
300
Prepaid Insurance..
300
b. Prepaid Insurance…
Insurance Expense…
300
300
C. Prepaid Insurance…
3,300
Insurance Expense…..
3,300
d. Insurance Expense.
3,300
Prepaid Insurance..
3,300
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