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On January 2, 2022. Vaughn purchased a general liability insurance policy for $2628 for coverage for the calendar year. The entire $2628 was charged to

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On January 2, 2022. Vaughn purchased a general liability insurance policy for $2628 for coverage for the calendar year. The entire $2628 was charged to Insurance Expense on January 2, 2022. If the firm prepares monthly financial statements, the proper adjusting entry on January 31, 2022 will be 2409 Insurance Expense Prepaid Insurance 2409 219 O Insurance Expense Prepaid Insurance 219 219 Prepaid Insurance Insurance Expense 219 2409 O Prepaid Insurance Insurance Expense 2409

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