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Smokey Company purchases a 1-year insurance policy on July 1 for $13,332. The adjusting entry on December 31 is a.debit Insurance Expense, $13,332; credit Prepaid

Smokey Company purchases a 1-year insurance policy on July 1 for $13,332. The adjusting entry on December 31 is

a.debit Insurance Expense, $13,332; credit Prepaid Insurance, $13,332

b.debit Insurance Expense, $1,111; credit Prepaid Insurance, $13,332

c.debit Insurance Expense, $6,666; credit Prepaid Insurance, $6,666

d.debit Prepaid Insurance, $12,221; credit Cash, $12,221

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