Multiple Choice Question 223 Z your answer has been saved and sent for grading. See Gradebook for score details. Sall & Surf Cruises purchased a five-year insurance policy for its ships on April 1, 2017 for C120,000. Assuming that April 1 is the effective date of the policy, the adjusting entry on December 31, 2017 is: 10,000 Prepaid Insurance.... Insurance Expense. 13,000 .6.000 Insurance Expense.... Prepaid inwrance... 6.000 24,000 Insurance Expense Prepaid iurance 24.000 hoice towrance Exper... Prepaid Iwance .18.000 18,000 n 152