Stred On November 1, Jovel Company loaned another company $280,000 at a 90% interest rate. The note receivable plus interest will not be collected until March 1 of the following year The company's annual accounting period ends on December 31 The amount of interest revenue that should be reported in the first year is Helo Save & E Multiple Choice SO 57175 $4200 520700 S8 500 Save Help Save & On January 1, a company purchased a five-year insurance policy for $2.300 with coverage starting immediately. If the purchase was recorded in the Prepaid Insurance account, and the company records adjustments only at year-end, the adjusting entry at the end of the first year is. Multiple Choice Debt Prepaid Insurance. S460, credit Insurance Expence, 5460 Debit Insurance Expense. S460, credit Prepaid Insurance, 5460 o Debit Prepaid Insurance, 52,300. Credit Cash, $2.300 Debt Prepaid Insurance $1.840, credit Insurance Expense. 51840 Debt Insurance Expense. 51.840. credit Prepaid Insurance St 840