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Smokey Company purchases a one-year insurance policy on July 1 for $1,764. The adjusting entry on December 31 is a. debit Insurance Expense, $1,029; credit

Smokey Company purchases a one-year insurance policy on July 1 for $1,764. The adjusting entry on December 31 is

a. debit Insurance Expense, $1,029; credit Prepaid Insurance, $1,029

b. debit Insurance Expense, $882; credit Prepaid Insurance, $882

c. debit Insurance Expense, $735; credit Prepaid Insurance, $735

d. debit Prepaid Insurance, $882; credit Cash, $882

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