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Buffalo Tom Cruises purchased a five-year insurance policy for its ships on April 1, 2022 for $60000. Assuming that April 1 is the effective

Buffalo Tom Cruises purchased a five-year insurance policy for its ships on April 1, 2022 for $60000. Assuming that April 1 is the effective date of the policy, the adjusting entry on December 31, 2022 is Prepaid Insurance Insurance Expense 9000 9000 Insurance Expense 9000 Prepaid Insurance 9000 Insurance Expense 12000 Prepaid Insurance 12000 Insurance Expense 3000 Prepaid Insurance 3000

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