GRC paid $12,000 for a three year insurance policy The entire amount was debited to Insurance Expense on January 1, 2020 Question 24 options Debit Prepaid Insurance $8,000 Insurance Expense $8,000 Debit Insurance Expense $8,000 Credit Prepaid Insurance $8,000 Debit Prepaid Insurance $4,000 Retained Earnings $4,000 No journal entry is needed

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GRC paid $12,000 for a three-year insurance policy. The entire amount was debited to Insurance Expense on January 1, 2020. Question 24 options: Debit: Prepaid

GRC paid $12,000 for a three-year insurance policy. The entire amount was debited to Insurance Expense" on January 1, 2020.

Question 24 options:

	Debit: Prepaid Insurance- -$8,000; Insurance Expense- -$8,000.
	Debit: Insurance Expense- -$8,000; Credit: Prepaid Insurance- -$8,000.
	Debit: Prepaid Insurance- -$4,000; Retained Earnings- -$4,000.
	No journal entry is needed.

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