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On January 2, 2020, Sheridan co, purchased a general liability insurance policy for $2568 for coverage for the calendar year. The entire $2568 was charged

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On January 2, 2020, Sheridan co, purchased a general liability insurance policy for $2568 for coverage for the calendar year. The entire $2568 was charged to Insurance Expense on January 2, 2020. If the firm prepares monthly financal statements, the proper adjusting entry on January 31, 2020, will be: 2354 2354 Insurance Experise Prepaid Insurance Prepaid Insurance Insurance Expense 214 214 2354 Prepaid Insurance Insurance Expense 2354 214 Insurance Expense Prepaid Insurance 214

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