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Smokey Company purchases a one-year insurance policy on July 1 for $14,076. The adjusting entry on December 31 is a. debit Insurance Expense, $7,038 and

Smokey Company purchases a one-year insurance policy on July 1 for $14,076. The adjusting entry on December 31 is a. debit Insurance Expense, $7,038 and credit Prepaid Insurance, $7,038 Ob. debit Insurance Expense, $14,076 and credit Prepaid Insurance, $14,076 Oc. debit Prepaid Insurance, $12,903 and credit Cash, $12,903 d. debit Insurance Expens, $1,173 and credit Prepaid Insurance, $14,076

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