Gabbin Company paid $3.000 on August 1st Year 1 for insurance coverage for a one-year period beginning August 1st Year 1. Assum adjusting entry required to recognize insurance expense on December 31st, Year 1 would have what effect on the financial statement Multiple Choice Liab Assets $(1.750) Equity $(1.750) Rev n/a Exp $1,750 n/a Net Inc. $(1,750) + Assets ${1,750) Liab n/a Equity $(1,750) Rev n/a Exp $1,750 Net Inc $(1750) 5 = Liab + Assets $11.250) Equity $(1,250) Rev n/a Exp $1,250 n/a Net Inc S(1.250) Liab Rev Assets $(1.250) Equity $(1.250) nia Exp $1,250 na Net Inc S(1.250) Saved Help Save & E insurance coverage for a one-year period beginning August 1st, Year 1. Assuming this cost was originally recorded as an asset, the se on December 31st, Year 1 would have what effect on the financial statements? Equity $(1,750) Rey n/a Exp $1,750 Net Inc $11.750) Cash Flow $11.750JOA Equity S(1,750) Rev n/a Exp $1,750 Net Inc S(1750) Cash Flow nila Rev Exp $1,250 Equity $(1.250) Cash Flow nia Net Inc. $112501 n/a Rev Net ind S250 Cash Flow $(1250) OA EXP $1250 Equity $(1,250) nia tiple Choice D Assets $(1750) Liab n'a Rev Equity S(1,750) Exp $1250 nia Net ind $0,750) Cash Flow $(1.750J OA + Assets $(1.750) Liab n/a Equity $(1,750) Cash Flow Rev nia EXP $1,750 Net ind $0.750) na + Assets $11.250) Liab n/a Equity $11.250) Rev. n/a Exp $1250 Net Inc. $(1 250) Cashow na + Assets $(1.250) Liab nla Equity S(1.250) Rev nia Exp $1250 Mail Net Inc. $11,250) Cash Flow $11250) OA Rey Assets $(3.000) Hab na LHI Equity $3.000) Exp $3,000 - LAT Net Inc $3.000) Cash Flow S(3.000) IN wa Peer 1 of 48 til Next >