For the following questions, circle the best response.On July 31, 2010, the Prepaid Insura...

For the following questions, circle the best response.

On July 31, 2010, the Prepaid Insurance account for St. Bede Abbey Press had a balance of $3,600, which was recorded that day for the payment of a five-year insurance premium. On December 31, 2010, at the end of the fiscal year, St. Bede would make the following adjusting entry: