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A company purchases a one - year insurance policy on June 1 for $ 1 , 2 6 0 . The adjusting entry on December

A company purchases a one

-

year insurance policy on June

1

for $

1, 260 .

The adjusting entry on December

31

is debit Insurance Expense, $

630

and credit Prepaid Insurance, $

630 .

debit Prepaid Insurance, $

630,

and credit Cash, $

630 .

debit Insurance Expense, $

525

and credit Prepaid Insurance, $

525 .

debit Insurance Expense, $

735,

and credit Prepaid Insurance, $

735 .

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