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Assume Idaho Company recorded the following adjusting journal entry at year-end: Insurance expense $3,200 Prepaid insurance $3,200 If the beginning balance in prepaid insurance was

Assume Idaho Company recorded the following adjusting journal entry at year-end:

Insurance expense $3,200

Prepaid insurance $3,200

If the beginning balance in prepaid insurance was $200 and $8,500 was paid for an insurance premium during the year, what is the ending balance in the prepaid insurance account after the above adjusting entry?

A$5,500. B$8,200. C$5,200. D$5,700.

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