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Smokey Company purchases a one-year insurance policy on July 1 for $11,328. The adjusting entry on December 31 is a. debit Insurance Expense, $11,328 and

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Smokey Company purchases a one-year insurance policy on July 1 for $11,328. The adjusting entry on December 31 is a. debit Insurance Expense, \$11,328 and credit Prepaid Insurance, $11,328 b. debit Prepaid Insurance, $10,384 and credit Cash, $10,384 c. debit Insurance Expense, $5,664 and credit Prepaid Insurance, $5,664 d. debit Insurance Expense, $944 and credit Prepaid Insurance, $11,328

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