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Yummy Foods purchased a two-year fire and extended coverage insurance policy on August 1, 2021, and charged the $2,520 premium to Insurance expense. At

Yummy Foods purchased a two-year fire and extended coverage insurance policy on August 1, 2021, and charged the $2,520 premium to Insurance expense. At its December 31, 2021, year-end, Yummy Foods would record which of the following adjusting entries? Multiple Choice Insurance expense 525 Prepaid insurance 525 Prepaid insurance Insurance expense Prepaid insurance Insurance expense 1,995 1,995 525 525 Insurance expense Prepaid insurance 525 1,995 Insurance payable 2,520

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