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Smokey Company purchases a one-year insurance policy on July 1 for $2,112. The adjusting entry on December 31 is a. debit Insurance Expense, $1,232; credit

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Smokey Company purchases a one-year insurance policy on July 1 for $2,112. The adjusting entry on December 31 is a. debit Insurance Expense, $1,232; credit Prepaid Insurance, $1,232 b. debit Prepaid Insurance, $1,056; credit Cash, $1,056 c. debit Insurance Expense, $1,056; credit Prepaid Insurance, $1,056 d. debit Insurance Expense, $880; credit Prepaid Insurance, $880

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