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Smokey Company purchases a one-year insurance policy on July 1 for $13,284. The adjusting entry on December 31 is a.debit Prepaid Insurance, $12,177 and credit

Smokey Company purchases a one-year insurance policy on July 1 for $13,284. The adjusting entry on December 31 is

a.debit Prepaid Insurance, $12,177 and credit Cash, $12,177

b.debit Insurance Expense, $6,642 and credit Prepaid Insurance, $6,642

c.debit Insurance Expense, $1,107 and credit Prepaid Insurance, $13,284

d.debit Insurance Expense, $13,284 and credit Prepaid Insurance, $13,284

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