A four-year insurance policy in the amount of 40000 was, Ask an Expert

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A four-year insurance policy in the amount of $40,000 was purchased one year ago. What is the adjusting entry to record insurance expense for the current year?

DEBIT: Prepaid Insurance for $40,000; CREDIT: Insurance Expense for $40,000

DEBIT: Prepaid Insurance for $10,000; CREDIT: Insurance Expense for $10,000

DEBIT: Insurance Expense for $40,000; CREDIT: Prepaid Insurance for $40,000

DEBIT: Insurance Expense for $10,000; CREDIT: Prepaid Insurance for $10,000

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92710301

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