11 Not answered Marked out of 1.00 Flag question Edit question Your company purchased and paid for an annual software subscription on January 1 for $2,400. You recorded the purchase as a prepaid expense on January 1. What type of account is prepaid expense? Select one: a. Current Asset b. Income c. Current Liability d. Expense Your answer is incorrect. Question 12 Not answered Marked out of 1.00 Flag question Edit question Your company purchased and paid for an annual software subscription on January 1 for $1,200. You recorded the purchase as a prepaid expense on January 1. At the end of January what adjusting entry, if any, should be made? (If no entry is required, select "No debit" or "No credit" in the account fields.) Account Debit Credit x x