On October 1. 2011, the $12,000 premium on a one-year insurance policy for the building was paid and recorded as Prepaid Insurance. On December 31 , 2011 (end of the accounting period), what adjusting entry is needed?
a. | Insurance Expense ( + E) | 2,000 |
|
| Prepaid Insurance (−A) |
| 2,000 |
b. | Insurance Expen se ( + E) | 3,000 |
|
| Prep aid Insurance (−A) |
| 3,000 |
c. | Prepaid Insurance ( + A) | 3,000 |
|
| Insurance Expense (−E) |
| 3,000 |
d. | Prepaid Insurance ( + A) | 9,000 |
|
| Insurance Expense (−E) |
| 9,000 |
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