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Yummy Foods purchased a two-year fire and extended coverage insurance policy on August 1, 2021, and charged the $3,000 premium to Insurance expense. At its

Yummy Foods purchased a two-year fire and extended coverage insurance policy on August 1, 2021, and charged the $3,000 premium to Insurance expense. At its December 31, 2021, year-end, Yummy Foods

Multiple Choice

  • Prepaid insurance 2,375
    Insurance expense 2,375
  • Prepaid insurance 625
    Insurance expense 625
  • Insurance expense 625
    Prepaid insurance 625
  • Insurance expense 625
    Prepaid insurance 2,375
    Insurance payable 3,000

would record which of the following adjusting entries?

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