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On September 1, 2019, Jay Walker Company purchased a one-year insurance policy for $1,320. The correct adjusting entry on December 31, 2019, is: Multiple Choice

On September 1, 2019, Jay Walker Company purchased a one-year insurance policy for $1,320. The correct adjusting entry on December 31, 2019, is:

Multiple Choice

  • debit Insurance Expense $440; credit Prepaid Insurance $440

  • debit Insurance Expense $990; credit Prepaid Insurance $990

  • debit Prepaid Insurance $110; credit Insurance Expense $110

  • debit Prepaid Insurance $1,320; credit Insurance Expense $1,320

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