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Question 8 1. 5 pts The company pre-paid $40 , 000 for a four - year insurance policy on January 1 , 2014 . At the end of 2017 , before the books were closed , it was discovered this full amount had Is^/ canvas . umin . edu/courses / 10 1 &Gt / quizzes / 1 16781 / take* 8/2010 Quiz: Practice Set 4 - Accuracy (Individual ` been incorrectly expensed on January 1 , 2014 . What would be the adjustment to retained earnings on December 31 , 2017 to remedy this mistake ? Assume a 30% tax rate . Question 9 0. 5 pts Would you debit or credit retained earnings for the adjustment calculated in question 8 ?) O Debit O Credit